Washington, August 29, 2026 (Yes Punjab News)
The United States has imposed fresh sanctions on a senior Bank Melli official and a Hong Kong-based company as part of efforts to disrupt financial channels that Washington says support Iran’s government and armed forces.
The State Department said the measures target Reza Mohammad Taeedi, manager of the Dubai branch of Iran’s Bank Melli, along with a Hong Kong-based company accused of helping designated Iranian individuals and entities access the international financial system.
In a related action, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) proposed revoking Banque Misr United Arab Emirates’ correspondent banking access to US financial institutions.
According to the State Department, the Treasury has assessed that Banque Misr UAE is a critical channel through which the Iranian government gains access to US dollars.
“Operation Economic Outcast continues in full force,” State Department spokesman Tommy Pigott said while announcing the measures.
Washington described Bank Melli as a key financial hub for Iran’s armed forces, alleging that it has supported the Islamic Revolutionary Guard Corps (IRGC)-Qods Force and Iran’s Ministry of Defence and Armed Forces Logistics. Both organisations are under US sanctions.
The latest measures also target financial activity conducted through centres outside Iran, particularly the UAE and Hong Kong, which the US says are being used to facilitate transactions on behalf of the Iranian government.
“Today’s action intensifies our pressure campaign against Iran,” Pigott said, adding that Washington would target individuals and entities involved in what it described as illicit financial practices on behalf of Tehran.
The sanctions were imposed under two executive orders, including one related to counterterrorism and another targeting individuals operating in Iran’s financial sector.
The actions come as the Trump administration continues to expand economic pressure on Tehran, with Washington seeking to restrict the financial networks it says sustain Iran’s government and military activities.
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