US Hits Egyptian Bank Branches with Iran Sanctions as War Marks Six Months
The US Treasury has imposed sanctions on Banque Misr's UAE branches for its dealings with Iran, part of Washington's campaign to increase economic pressure. The action aims to cut off the bank's access to US dollars and the global financial system.
Treasury Secretary Scott Bessent said the move is a 'major announcement' to sever every economic lifeline Tehran has left and finally end the threat of the Iranian regime. Banque Misr UAE processed approximately $1.8 billion in transactions for 103 companies that are potentially part of Iranian shadow banking networks between January 2024 and June 2026.
The US views Banque Misr's six UAE branches as a 'critical node' for the Iranian government's access to US dollars, according to the Treasury. The move targets 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.