Meanwhile, the U.S. Treasury Department has targeted a United Arab Emirates bank over financial ties to Iranian shadow networks.
Iranian President Masoud Pezeshkian acknowledged the severe contraction in international trade during a state television broadcast on Friday, Aug. 28.
The admission runs counter to domestic claims that Western restrictions have failed to bite. What do these statistical data indicate? Some claim that the sanctions have had no impact. I honestly don’t know what to say to these people. Saying that sanctions do not work is in complete contradiction with reality.
Mojtaba Khamenei Calls for Resistance Economy and De-Dollarization
In response to the tightening economic squeeze, Supreme Leader Mojtaba Khamenei took to social media via the platform X to demand greater financial self-reliance.
Khamenei urged officials to prioritize economic growth, stimulate domestic production, and systematically phase out the importance of the U.S. dollar in favor of what he termed a Resistance Economy
as outlined in his online statements.
U.S. Treasury Targets Banque Misr UAE in Economic Operation
The official calls for self-reliance coincide with an aggressive escalation of Washington’s financial pressure campaign against Tehran. The U.S. Treasury Department announced plans on Saturday to strip Banque Misr UAE of its access to the U.S. financial system.
This enforcement action follows the launch of Operation Economic Outcast, a sweeping sanctions campaign unveiled by U.S. Treasury Secretary Scott Bessent. The initiative aims to sever all remaining commercial and financial linkages between Iran and international networks.
Expanding Blacklists Across the Region
U.S. President Donald Trump characterized the broader sanctions push as an economic D-Day referencing World War II Allied amphibious landings, though the practical execution has thus far targeted specific financial nodes.
Alongside the action directed at Banque Misr UAE, the U.S. government added Reza Mohammad Taeedi—an Iranian national serving as general manager for Bank Melli’s Dubai branch—to its sanctions blacklist alongside Kameng Trading Ltd.
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