US Targets Egyptian Bank Ties to UAE Amid Iran Economic Pressure

The US Treasury Department is taking action against Banque Misr's UAE branches in an effort to pressure Iran economically. The move will block their banking access to U.S. financial institutions, impacting transactions with correspondents in U.S. dollars only.

This decision comes as part of the Trump administration's push for 'economic asphyxiation' of Iran, which has been locked in a stalemate since late February. US Treasury Secretary Scott Bessent warned that countries supporting Iran will face harsh consequences if they continue to enjoy access to the U.S. dollar and global financial system.

The Egyptian central bank stated that it is in contact with the American side regarding these measures, but emphasized that they only affect Banque Misr's UAE branches and do not extend to any banks in the Egyptian banking sector.