US Cuts Off Egypt's Banque Misr UAE Branches Over Iran Ties

The US Treasury Department has announced plans to cut off branches of Egypt's Banque Misr in the United Arab Emirates from the American financial system. The move is part of a broader effort by the Trump administration to choke Iran's economy, which they call 'economic asphyxiation.'

Banque Misr's US dollar transactions with correspondents in the UAE will be affected by this action, but it does not extend to other banks in the Egyptian banking sector. The decision comes after a month-long public comment period and follows US Secretary of the Treasury Scott Bessent's statement that Banque Misr has continued to support the Iranian regime.

The US administration has been working to isolate Iran economically, with President Donald Trump contacting world leaders to request they halt interactions with Tehran. Bessent plans to make direct appeals to G20 counterparts in bilateral meetings next week.