US Hits Egyptian Bank Branches with Iran Sanctions

The US Treasury Department has imposed sanctions on Banque Misr's UAE branches for their dealings with Iran. This move is part of an effort to increase economic pressure on Tehran, which is now six months into a war with Washington.

Treasury Secretary Scott Bessent described the action as 'a major announcement' and said it would sever every economic lifeline Tehran has left. He also warned that Iran's enablers cannot continue to enjoy access to the US dollar and the global financial system.

The sanctions target Banque Misr's six UAE branches, which processed approximately $1.8 billion in transactions for 103 companies potentially linked to Iranian shadow banking networks between January 2024 and June 2026. The Treasury views these branches as a 'critical node' for the Iranian government's access to US dollars.

The move also includes sanctions targeting the manager of Iran's Bank Melli branch in the UAE and a Hong Kong entity that helped launder money for a sanctioned Iranian exchange house.