US Sanctions Hong Kong Firm, Bank Melli Official Over Iran Ties

The United States on Friday, August 28, imposed new sanctions on a Hong Kong-based company and a senior official of Iran's Bank Melli, while proposing to cut off an Egyptian bank's United Arab Emirates branch from the U.S. financial system. The actions represent the latest phase of a broader pressure campaign against Tehran and its financial networks.

The U.S. Treasury Department designated Kameng Trading Limited, a Hong Kong-based company, for allegedly helping sanctioned Iranian individuals and entities access the international financial system. According to Treasury, the company acted as a front for the Iranian Pedram Pirouzan Exchange House, also known as Opal Exchange. Kameng was incorporated in July 2024 and has its registered office in Tsim Sha Tsui, Hong Kong.

In a separate action, the State Department sanctioned Reza Mohammad Taeedi, an Iranian national and the general manager of Bank Melli's Dubai branch. The department described Bank Melli as a critical financial hub for Iran's armed forces, including the Islamic Revolutionary Guard Corps-Quds Force and the Ministry of Defence and Armed Forces Logistics, both of which are under U.S. sanctions.