US Iran Sanctions: Right Target, Wrong Sequence on Gulf Allies — SkimNews
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- US Treasury opened a global sanctions campaign on August 24 against those trading with Iran via Emirati and Qatari banks, ports and free zones—naming no entities, setting no deadline and publishing no guidance, the source notes
- FinCEN proposed on August 28 cutting five Emirati branches of Egypt's Banque Misr from US correspondent banking, citing roughly $1.8 billion moved for 103 suspected Iranian front companies since January 2024; the same day OFAC designated Bank Melli's Dubai branch manager and a Hong Kong trading firm
- The UAE had already suspended all trade and financial dealings with Iran on August 19—five days before Treasury's announcement and unbidden—having previously supplied more than 30% of Iranian imports, or about $21 billion per year
- War-risk insurance for Gulf shipping rose from roughly 0.25% of hull value pre-war to 7.5-10% by late July, according to the source, with crossings down about 90% and some 6,000 seafarers stranded aboard ships in the Gulf
- Iran claims the entire Strait of Hormuz including Omani waters will remain under its military control until the US returns to the June memorandum signed under Pakistani mediation, and its new security chief said no oil would leave the Gulf if the economic war continues
- Russia and China vetoed an April 7 UN Security Council follow-up that would have authorized defensive escort after Resolution 2817 (March 11, 135 co-sponsors) condemned Iran's attacks but authorized nothing
Why it matters: The sequencing burns Gulf states serving as US logistics bases: the UAE, which supplied 30% of Iranian imports and cut Tehran off unbidden on August 19, now faces Treasury enforcement against its banks, while Hormuz war-risk insurance has hit 7.5-10% of hull value and crossings are down roughly 90%—and Russia and China have vetoed the only UN path to authorized escorts.
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