What to Know About Bank Melli, Singled Out in U.S. Call for Economic War

Iran’s biggest bank has been hit by sanctions many times over the past 20 years. On Monday, the Trump administration targeted it again, aiming to eliminate its ability to operate abroad. 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. We are having trouble retrieving the article content. Please enable JavaScript in your browser settings. Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times. Thank you for your patience while we verify access. Already a subscriber? Log in . Want all of The Times? Subscribe .