US Cuts Off Banque Misr's UAE Branches Amid 'Economic Asphyxiation' Push
The US Treasury Department has announced plans to sever the UAE branches of Banque Misr, Egypt's second-largest bank, from the American financial system. This move comes as part of Washington's campaign to isolate Iran economically.
According to a statement by Treasury Secretary Scott Bessent, the action is due to Banque Misr UAE's dealings with Tehran. 'We warned that Iran's enablers cannot continue to enjoy access to the US dollar and the global financial system,' Bessent said.
The ban will not take effect immediately, as a month-long public comment period must first run its course. Alongside this action against Banque Misr, Treasury is sanctioning the manager of the Dubai branch of Iran's Bank Melli and a Hong Kong-based front company accused of helping launder funds for a sanctioned Iranian exchange house.
This move marks the latest step in Washington's 'economic asphyxiation' push against Tehran. The US has been waging a war with Iran since February, which has resulted in disruptions to global oil prices.