US Targets Egyptian Bank's UAE Branches over Iran Ties

The US Treasury Department has announced plans to cut off branches of Egypt's Banque Misr in the United Arab Emirates from the American financial system.

This move is part of a broader effort by the US to choke Iran's economy, with Treasury Secretary Scott Bessent calling it 'economic asphyxiation.' The US claims that Banque Misr has provided continued support to the Iranian regime.

The action will only take effect after a month-long public comment period. Egypt's central bank has stated that the US action is limited to transactions with correspondents in US dollars and does not extend to any Egyptian banks.