U.S. Sanctions Sever Financial Lifelines of Iranian Regime

Operation Economic Outcast continues in full force. Today, the United States is imposing sanctions on the manager of the Dubai branch of Iran's Bank Melli, Reza Mohammad Taeedi. Bank Melli has served as a critical financial hub for Iran's armed forces, including the Islamic Revolutionary Guard Corps-Qods Force and the Ministry of Defense and Armed Forces Logistics, both U.S.-sanctioned entities. We are also sanctioning a Hong Kong-based company that has helped designated Iranian individuals and entities to access the international financial system. In addition, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) proposed a rule that would revoke Banque Misr UAE's correspondent banking access to U.S. financial institutions. Treasury assesses that Banque Misr UAE is a critical node for the Iranian regime's access to U.S. dollars.

Today's action intensifies our pressure campaign against Iran. As the regime prioritizes its malign activities above the needs of its people, we will sever the economic lifelines sustaining it. We will target individuals and entities that engage in illicit financial practices on behalf of the Iranian regime, including those working for Iranian banks outside the country.

Today's sanctions actions are being taken pursuant to E.O. 13224, as amended, a counterterrorism authority, and E.O. 13902, which targets persons operating in Iran's financial sector. FinCEN proposed its rule pursuant to section 311 of the USA PATRIOT Act. For more information on today's action, please see the Department of the Treasury's press release.

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