The Washington administration added an Iran-linked individual and a Hong Kong-based company to its sanctions list as it increased pressure on Iran and entities alleged to have helped it evade sanctions.
Iran-linked official added to sanctions list
Reza Mohammad Taeedi, an Iranian national living in Dubai, was added to the Specially Designated Nationals and Blocked Persons List of 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.
Secondary sanctions will apply to Taeedi. The decision cites counterterrorism authorities and Iran-related authorities.
Kameng Trading Limited also targeted
The Treasury Department also added Hong Kong-based Kameng Trading Limited, established in July 2024, to its sanctions list under a presidential executive order related to Iran.
It also took action against Banque Misr’s operations in the United Arab Emirates. The bank was alleged to have supported Iran’s shadow banking networks.
Bessent: We aim to sever economic ties
Treasury Secretary Scott Bessent said in an interview with the Financial Times that they aimed to sever Tehran’s remaining economic ties and end the threat emanating from the Iranian administration.
Bessent said actors providing support to Iran would not be able to retain access to the U.S. dollar and the global financial system. He described the step targeting 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 foreign currencies and the global financial system.
