Washington has expanded economic pressure on Iran and actors alleged to have helped it evade sanctions. The US Treasury Department imposed sanctions on Iran-linked Reza Mohammad Taeedi and Hong Kong-based Kameng Trading Limited.
Secondary sanctions imposed on Taeedi
Reza Mohammad Taeedi, an Iranian national living in Dubai, was added to the Specially Designated Nationals list maintained by the Treasury Department’s Office of Foreign Assets Control (OFAC). Taeedi was identified as the general manager of the Dubai branch of Iran’s Bank Melli.
Taeedi will face secondary sanctions. The action cites counterterrorism authorities and authorities targeting Iran-linked officials.
Kameng Trading Limited also added to the list
The sanctions also cover Kameng Trading Limited, which was established in July 2024. The Hong Kong-based company was added to the list under a presidential order concerning Iran.
In the same action, the US Treasury Department targeted Banque Misr’s operations in the United Arab Emirates. The bank was alleged to have supported Iran’s shadow banking networks.
Bessent: Economic ties will be severed
Treasury Secretary Scott Bessent told the Financial Times that they aim to sever Tehran’s remaining economic ties and end the threat posed by the Iranian government.
Bessent said actors supporting Iran would not be able to retain access to the US dollar or the global financial system. He described the move against Banque Misr’s operations in the United Arab Emirates as the first stage of an accountability process.
The Treasury Department said the measures were part of efforts to dismantle Iran’s shadow banking network and restrict the country’s access to the global financial system through foreign currencies.
