The U.S. Treasury Department announced sanctions on Friday against the UAE branch of Egyptian bank Banque Misr. The bank reportedly processed approximately $1.8 billion over the past two years for around 100 companies suspected of belonging to Iran’s shadow banking network. This measure is part of Operation Economic Outcast, a sanctions campaign aimed at cutting all of Iran’s economic ties worldwide. The Treasury also blacklisted Iranian national Reza Mohammad Taeedi, general manager of Iran’s Bank Melli’s Dubai branch, as well as Hong Kong-based Kameng Trading Limited, accused of acting as a front company to launder money for Iranian firms.
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