US expands 'Operation Economic Outcast' sanctions against Iran
The US State Department announced new sanctions targeting financial channels that allegedly enable Iran to access the global financial system and US dollar.
Key Takeaways
AIUS State Department spokesperson Tommy Pigott has confirmed the continuation of what he called 'Operation Economic Outcast' against Iran, announcing new sanctions and measures targeting financial channels that, he said, allow the Iranian regime access to the international financial system and the US dollar.
Pigott stated, "Operation Economic Outcast continues at full strength," noting that the United States imposed sanctions yesterday on Reza Mohammad Tayidi, the branch manager of Bank Melli Iran in Dubai.
According to the spokesperson, Bank Melli has served as a vital financial hub for Iran's armed forces, including the Islamic Revolutionary Guard Corps' Quds Force and the Ministry of Defense and Armed Forces Logistics, both of which are subject to US sanctions.
In another move, the United States imposed sanctions on a Hong Kong-based company that, according to Pigott, assisted sanctioned Iranian individuals and entities in accessing the international financial system.
The US Treasury Department's Financial Crimes Enforcement Network (FinCEN) has also proposed a rule that would revoke the right of the UAE branch of Banque Misr, as a correspondent bank, to access US financial institutions.
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The US Treasury views the UAE branch of Banque Misr as a critical conduit enabling the Iranian regime to access the US dollar.
These actions come as part of what the State Department described as the ongoing 'Operation Economic Outcast,' as Washington intensifies punitive and regulatory measures against financial channels linked to Iran.