US Treasury Launches Operation Economic Outcast Against Iranian Networks

The United States Department of the Treasury launched Operation Economic Outcast, a sanctions campaign designed to sever the remaining financial lifelines of the Iranian regime. As part of this initiative, Treasury Secretary Scott Bessent moved to revoke the correspondent banking access of Banque Misr UAE, the United Arab Emirates operations of Egypt's second-largest bank. The Treasury alleges the bank processed approximately $1.8 billion for 103 companies linked to Iranian shadow-banking networks between January 2024 and June 2026.

Simultaneously, the Office of Foreign Assets Control sanctioned Reza Mohammad Taeedi, the general manager of Bank Melli's Dubai branch, for allegedly facilitating billions of dollars in transactions for the Islamic Revolutionary Guard Corps' Quds Force. The Treasury also sanctioned a Hong Kong-based front company involved in laundering funds for a sanctioned Iranian exchange house. These actions follow a recent decision by the United Arab Emirates to halt all trade and financial transactions with Iran.

Iranian Foreign Minister Seyed Abbas Araghchi condemned the measures as "economic terrorism" and called on the United Nations to denounce the U.S. actions. The U.S. administration stated these measures serve as a warning to foreign institutions and allies that providing economic support to Iran will result in the loss of access to the U.S. dollar.