US Targets Egyptian Bank in Effort to Cut Off Iranian Access

The US Treasury Department is set to impose new restrictions on Egyptian bank Banque Misr's operations in the UAE as part of an effort to pressure Iran economically. The move will block the bank's access to the US financial system, specifically targeting its transactions with correspondents in US dollars.

This decision comes after US Treasury Secretary Scott Bessent stated that Washington is pushing for 'economic asphyxiation' of Iran, which has been locked in a stalemate since the war began six months ago. Bessent warned that countries enabling Iran's regime cannot continue to have access to the US dollar and global financial system.

The action will only take effect after a month-long public comment period, and Egypt's central bank claims that none of these measures extend to banks in the Egyptian banking sector. The move is seen as part of the Trump administration's efforts to choke Iran off economically, with Bessent vowing an 'economic D-Day' on the country.