US Targets Egyptian Bank's UAE Branches Over Alleged Ties to Iran

The US Treasury Department has proposed new rules to limit the operations of Banque Misr's branches in the UAE, accusing the Egyptian bank of serving as an economic lifeline to Iran's leadership. The move is part of a broader effort by the Trump administration to push countries that still do business with Iran to sever their financial ties or face retaliation from the US.

According to Treasury Secretary Scott Bessent, the rule will be subject to a 30-day public comment period before it takes effect. The proposed rule targets only the bank's UAE branches and its dollar transfers, and does not affect any other Egyptian banks or Banque Misr's operations inside Egypt or overseas.

The US has been tightening sanctions on Iran in response to its nuclear program, and this move is seen as an attempt to further isolate the country economically. The Treasury Department warned that 'Iran's enablers cannot continue to enjoy access to the US dollar and the global financial system.'