US Targets Egyptian Bank for Supporting Iran
The US Treasury Department has proposed a new rule to limit an Egyptian bank's operations in the United Arab Emirates. The rule targets Banque Misr, Egypt's second-largest bank, accusing it of serving as an economic lifeline to Tehran's leadership.
The move is part of the Trump administration's campaign to push countries that still do business with Iran to sever their financial ties or face retaliation from the US.
Treasury Secretary Scott Bessent warned that 'Iran's enablers cannot continue to enjoy access to the US dollar and the global financial system.'
The rule will be subject to a 30-day public comment period before it takes effect. It follows new sanctions on the bank manager of the Dubai branch of Iran's Bank Melli and a Hong Kong-based firm accused of helping launder funds for Iran.