US Slams Sanctions on Egyptian Bank Tied to Iran Amid Ongoing War
The US Treasury Department has imposed sanctions on Banque Misr's UAE branches for their dealings with Iran, as part of the ongoing campaign to increase economic pressure on Tehran. This move comes six months into Washington's war with Iran.
Treasury Secretary Scott Bessent said that the action is aimed at severing every economic lifeline Tehran has left and finally ending the threat of the Iranian regime. Banque Misr UAE was found to have processed approximately $1.8 billion in transactions for 103 companies potentially linked to Iranian shadow banking networks between January 2024 and June 2026.
The US Treasury views Banque Misr's six UAE branches as a 'critical node' for the Iranian government's access to US dollars. The department estimates that the bank processed around $1.8 billion in transactions for companies linked to Iranian shadow banking networks between January 2024 and June 2026.
Treasury's Office of Foreign Assets Control has also issued sanctions targeting the manager of Iran's Bank Melli branch in the UAE, as well as a Hong Kong entity that helped launder money for a sanctioned Iranian exchange house.