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.