US Treasury revokes 'critical node' of Iranian access to US dollars in latest Tehran sanctions

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Signage is seen at the United States Department of the Treasury headquarters in Washington, DC, US, August 29, 2020.
Signage is seen at the United States Department of the Treasury headquarters in Washington, DC, US, August 29, 2020.
(photo credit: REUTERS/ANDREW KELLY/FILE PHOTO)

The US Treasury Department proposed on Friday to revoke Banque Misr UAE’s correspondent banking access to US financial institutions, calling it a “critical node” in the Iranian regime’s access to US dollars. 

The proposal is part of Operation Economic Outcast, a broader effort by the US government to sever remaining “financial lifelines” sustaining the Islamic Revolutionary Guard Corps (IRGC). 

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