The U.S. Treasury Department on Friday proposed revoking Banque Misr UAE's correspondent banking access, launching a new sanctions campaign dubbed "Operation Economic Outcast".
The department's Financial Crimes Enforcement Network (FinCEN) labeled the bank a "critical node" for Iran's access to U.S. dollars. FinCEN alleged that between January 2024 and June 2026, the bank processed $1.8 billion for 103 companies suspected of operating within Iranian shadow banking networks.
U.S. Treasury Secretary Scott Bessent warned that Iranian enablers would lose access to the global financial system. Separately, the Office of Foreign Assets Control (OFAC) sanctioned Reza Mohammad Taeedi, general manager of Bank Melli's Dubai branch, for allegedly facilitating billions of dollars in transactions for the Islamic Revolutionary Guard Corps' Quds Force.
Bessent had announced the campaign on Monday, pledging to sever Tehran's remaining economic lifelines.
Iranian Foreign Minister Seyed Abbas Araghchi condemned the operation as "economic terrorism" and called on the United Nations to denounce the U.S. actions.