US Treasury Sanctions UAE's Bank Misr, Dubai Banker Over Alleged Iran Sanctions Evasion
The U.S. Treasury Department announced sanctions on Bank Misr in the United Arab Emirates, accusing it of processing roughly $1.8 billion between January 2024 and June 2026 for 103 companies allegedly linked to covert Iranian banking networks. The action, described by the Treasury Secretary as the first step to hold the bank accountable, also targets Reza Mohammad Taidi, a Dubai-based manager of Bank Melli, and a front company in Hong Kong accused of laundering funds for a sanctioned Iranian exchange house. According to social media posts citing the Treasury, officials said they have identified networks and intermediaries used by Iran to smuggle oil and evade sanctions, and warned that entities enabling Iran cannot continue to access the U.S. dollar and global financial system. Iran's Foreign Ministry has responded by calling U.S. sanctions a harsh tool designed to inflict pain on Iranian civilians and urged other nations to refrain from enforcing them. These details stem from social media reports and have not been independently verified by a professional news outlet in this discussion.
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