Forex
US Cuts Off Emirati Bank from Dollar Funding Over Iran Ties
The US Treasury Department has moved to sever a key financial lifeline for Iran by cutting off Banque Misr UAE from the US financial system.
The bank, based in the United Arab Emirates (UAE), was accused of processing some $1.8 billion for companies linked to Iranian shadow banking networks between January 2024 and June 2026.
Treasury's Financial Crimes Enforcement Network proposed barring US banks from maintaining correspondent accounts for Banque Misr UAE, citing its role as an important channel for Iran's access to US dollars.