US Targets Iran’s Financial Lifelines With Fresh Sanctions

By Mintesinot Nigussie  |  August 29, 2026

The United States has imposed new sanctions on an Iranian banking official and a Hong Kong-based company while moving to restrict a UAE bank’s access to the US financial system, escalating Washington’s campaign to cut Tehran’s access to international finance.

The US Treasury Department said it was sanctioning Reza Mohammad Taeedi, manager of the Dubai branch of Bank Melli Iran, which Washington described as a key financial channel for Iran’s armed forces.

Bank Melli has provided financial services to Iran’s Islamic Revolutionary Guard Corps-Qods Force and the Ministry of Defense and Armed Forces Logistics, both of which are already under US sanctions, according to the Treasury.

Washington is also targeting a Hong Kong-based company that it said helped individuals and entities designated by the US access the international financial system.

Separately, the Treasury’s Financial Crimes Enforcement Network proposed a rule that would cut Banque Misr UAE’s correspondent banking access to US financial institutions. The Treasury said the bank represents an important channel for the Iranian government to obtain US dollars.

The measures form part of what the administration calls Operation Economic Outcast, a campaign aimed at restricting Iran’s ability to use international financial networks to support activities targeted by Washington.

“Today’s action intensifies our pressure campaign against Iran,” the US said, adding that it would target individuals and entities involved in illicit financial practices on behalf of the Iranian government, including employees of Iranian banks operating overseas.

The measures illustrate the growing use of financial sanctions and restrictions on correspondent banking as instruments of US policy towards Iran. Access to international banks and dollar-clearing networks is particularly significant for Iranian institutions facing extensive US sanctions.

By targeting banking personnel, intermediaries and institutions outside Iran, Washington is seeking to make it more difficult for Iranian financial institutions and their clients to circumvent existing sanctions and maintain access to international markets.

Source: FSX Business News