US widens Iran sanctions to target Arab bank
The U.S. Department of the Treasury announced an expansion of sanctions on Iran as part of the "Economic Exclusion Operation," aimed at countering Tehran, which uses financial channels to access the dollar and the global financial system. The measures include a proposal to prevent Egypt Bank of the Emirates from maintaining correspondent accounts with American institutions, following its designation as a major concern linked to money laundering and support for Iranian networks. The bank's transactions were valued at $1.8 billion and involved 103 companies that may be part of Iranian shadow networks, with the bank considered a crucial link for Iran's access to the dollar. Sanctions were also imposed on an Iranian bank manager in Dubai and a company involved in money laundering facilitation, along with warnings to foreign financial institutions about secondary consequences resulting from dealings with these entities. This U.S. escalation comes within the framework of efforts to hold the Iranian government accountable for supporting illegal financial activities and circumventing international sanctions.
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