Shibbir Ahmed, WASHINGTON, D.C. — August 28, 2026: The United States has imposed new sanctions targeting Iran’s financial network, including a senior official at Iran’s Bank Melli branch in Dubai, as Washington intensifies economic pressure on the Iranian regime. The latest measures were announced Friday under the Trump administration’s continuing “Operation Economic Outcast” campaign.
The U.S. government sanctioned Reza Mohammad Taeedi, manager of Bank Melli’s Dubai branch, accusing the Iranian bank of serving as a key financial hub for Iran’s armed forces. According to the U.S. government, Bank Melli has provided financial support to Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and the Ministry of Defense and Armed Forces Logistics, both of which are already under U.S. sanctions.
Washington also imposed sanctions on a Hong Kong-based company that it says helped designated Iranian individuals and entities gain access to the international financial system. Separately, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would cut Banque Misr UAE off from correspondent banking access to U.S. financial institutions. Treasury officials said Banque Misr UAE represents a critical channel through which the Iranian regime can access U.S. dollars.
“The latest action intensifies our pressure campaign against Iran,” the U.S. government said in its statement. Washington accused the Iranian regime of prioritizing what it described as malign activities over the needs of the Iranian people and said it would continue targeting individuals and entities involved in illicit financial activities on behalf of Iran.
The sanctions also specifically target individuals working for Iranian banks outside Iran, signaling an effort by Washington to disrupt the regime’s financial operations beyond the country’s borders.
The sanctions were imposed under Executive Order 13224, as amended, a U.S. counterterrorism authority, and Executive Order 13902, which targets individuals and entities operating in Iran’s financial sector.
FinCEN’s proposed action against Banque Misr UAE was taken under Section 311 of the USA PATRIOT Act, which gives the U.S. government authority to take special measures against foreign financial institutions or jurisdictions considered to pose money-laundering or other financial risks. The U.S. Treasury Department said additional details on the sanctions and proposed financial restrictions are available in its related enforcement announcement.
