The US Treasury Department has imposed restrictions on an Egyptian bank for conducting business with Iran, the latest salvo in Washington’s increasingly aggressive campaign to choke off Tehran’s access to the global financial system.
The action falls under the Treasury’s broader “Operation Economic Outcast,” an initiative launched in August 2026 that dramatically expanded the scope of secondary sanctions targeting entities that facilitate significant Iran-related transactions.
The mechanics of economic isolation
Secondary sanctions target third-party actors, typically foreign companies and banks, that deal with sanctioned regimes. Under regulations enforced by the Office of Foreign Assets Control (OFAC), any foreign financial institution found to have facilitated significant Iran-related transactions can face restrictions on its US correspondent accounts.
Operation Economic Outcast has cast a wide net, targeting networks that support Iran’s military apparatus and oil trade. Among the individuals and entities previously sanctioned under this initiative are Egyptian businessman Hatem Elsaid Farid Ibrahim Sakr and Nefertiti Shipping, a company linked to Iranian logistics and trade networks.
