US Targets Banque Misr UAE Branches Over Alleged Iran Ties
The UAE and Egyptian central banks are coordinating over Banque Misr after a US Treasury notice proposed cutting off the bank's UAE branches from dollar transactions due to alleged financial links to Iran.
The proposed measure, which applies only to Banque Misr's UAE branches, would prevent them from carrying out transactions in US dollars through the US financial system.
Banque Misr said it was reviewing the US Treasury notice and would take 'all necessary measures' to continue its business as usual, according to a joint statement by the two central banks.
US Treasury Secretary Scott Bessent warned banks that 'it's not okay to have Iranian money and to aid the regime,' adding that 'there can be no leakage.' The Treasury launched a campaign dubbed 'Operation Economic Outcast' to cut off Iran's access to US dollars, alleging that Banque Misr UAE had processed about $1.8 billion for 103 companies potentially linked to Iranian shadow-banking networks between January 2024 and June 2026.