US Cracks Down on Egyptian Bank to Pressure Iran Economically

The US Treasury Department has announced plans to limit the operations of Banque Misr's UAE branches in an effort to pressure Iran economically. This move is part of a broader campaign by Washington to choke off Tehran's access to the global financial system.

US Treasury Secretary Scott Bessent stated that Iran's 'enablers' cannot continue to enjoy access to the US dollar and the global financial system. Banque Misr, Egypt's second-largest bank, will have its UAE branches blocked from accessing U.S. financial institutions after a month-long public comment period.

The move is seen as an attempt by Washington to apply pressure on countries that continue to support Iran economically, particularly major buyers of Iranian oil such as China. Bessent has vowed to declare an 'economic D-Day' on Iran and has requested world leaders to halt interactions with Tehran.