What to Know About Bank Melli, Singled Out in U.S. Call for Economic War
New York Times · LC · trust 40/100
Bank Melli, Iran’s largest lender, already faces waves of sanctions that severely limit its ability to operate abroad. Every foreign branch must be shut down, Treasury Secretary Scott Bessent said.
Listen · 6:02 min Share full article The main branch of Bank Melli in Tehran last year. Credit... Arash Khamooshi/Polaris for The New York Times By Lara Jakes and James Paton
Lara Jakes has covered diplomacy with Iran for more than a decade, and James Paton covers global business.
Treasury Secretary Scott Bessent vowed to punish countries that do business with Iran as part of Operation Economic Outcast, intensifying the administration’s economic war on Tehran.
One of his few specific demands took aim at Bank Melli’s foreign operations. “Every Bank Melli branch must be shuttered and dark,” he said.
Waves of sanctions have already severely limited the bank’s ability to do business abroad, mirroring Iran’s broader economic isolation.
The state-owned bank has faced rounds of bruising financial penalties at least since the United States formally accused it in 2007 of funding Tehran’s nuclear and missile programs. Countries around the world , as well as the United Nations and the European Union , have also sought to curb the bank’s suspected use of foreign front companies to finance illicit activities.
In the United Arab Emirates, an employee who answered the phone at Melli’s branch in Dubai on Tuesday confirmed it was open for business.
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