US moves to restrict Banque Misr’s UAE dollar access over Iran-related sanctions

Move comes as Washington steps up its efforts to economically pressure Iran amid deadlock in truce talks.

Egypt's Banque Misr reviewing US Iran sanctions notice Egypt's Banque Misr said it is reviewing a US Treasury notice related to restricting US dollar correspondent banking services provided by American financial institutions to Banque Misr's branch in the United Arab Emirates, according to a statement on Saturday. The bank said its branch in the UAE continues to provide banking services to its customers in accordance with the applicable rules and procedures. The US Treasury said on Friday it had moved to cut off Banque Misr's branches in the UAE from dollar transactions for its dealings with Iran.

US cuts off major Egyptian bank from global financial system The US Treasury on Friday announced plans to cut off Banque Misr's branches in the United Arab Emirates from the global financial system, as the Trump administration seeks to "asphyxiate" what it said were Iran's "enablers".  Banque Misr is Egypt's second-largest bank. Its Emirati arm will no longer be able to do business in US dollars as of 28 September, under the new plans.  The 30-day notification period is open for public comment, a process whereby the US government solicits messages of support or opposition that could potentially sway the decision.  "The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would revoke Banque Misr UAE’s correspondent banking access to US financial institutions. Treasury assesses that Banque Misr UAE is a critical node for the Iranian regime’s access to U.S. dollars," the Treasury said. Read more: US cuts off major Egyptian bank from global financial system The high-rise commercial building, left, serves as the modern headquarters of Banque Misr, in Cairo, Egypt photographed on 9 February 2023 (Amir Makar/AFP)

US cuts off major Egyptian bank from global financial system Submitted by MEE staff on Fri, 08/28/2026 - 18:55 Sanctions on Banque Misr's branches in the UAE are part of Trump administration's 'Operation Economic Outcast' against Iran The high-rise commercial building, left, serves as the modern headquarters of Banque Misr, in Cairo, Egypt photographed on 9 February 2023 (Amir Makar/AFP) Off The US Treasury on Friday announced plans to cut off Banque Misr's branches in the United Arab Emirates from the global financial system, as the Trump administration seeks to "asphyxiate" what it said were Iran's "enablers".  Banque Misr is Egypt's second-largest bank. Its Emirati arm will no longer be able to do business in US dollars as of 28 September, under the new plans.  The 30-day notification period is open for public comment, a process whereby the US government solicits messages of support or opposition that could potentially sway the decision.  "The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would revoke Banque Misr UAE’s correspondent banking access to US financial institutions. Treasury assesses that Banque Misr UAE is a critical node for the Iranian regime’s access to U.S. dollars," the Treasury said. "Operation Economic Outcast" was announced by Treasury Secretary Scott Bessent on Monday as part of Washington's efforts to squeeze Iran amid the standoff over the Strait of Hormuz. US banks, the Treasury said, must "take reasonable steps not to process a transaction for a correspondent account in the United States of a foreign banking institution if such a transaction involves Banque Misr UAE and to apply to their foreign correspondent accounts special due diligence".  Friday's announcement also put Dubai's branch of Bank Melli in the crosshairs, as the US sanctioned its manager, Reza Mohammad Taeedi.   China warns US of retaliation over expansion of Iran sanctions Read More » Bank Melli is a major commercial bank in Iran that served as its central bank before the 1979 revolution. It has branches across parts of Europe and the Middle East. "Bank Melli has served as a critical financial hub for Iran’s armed forces, including the Islamic Revolutionary Guard Corps-Qods Force and the Ministry of Defense and Armed Forces Logistics, both US-sanctioned entities," the Treasury said. A Hong Kong-based company, Kameng Trading Limited, was also sanctioned in the announcement. "Sanctioned Iranian exchange house Pedram Pirouzan Exchange House, also known as Opal Exchange, has used Kameng Trading Limited to launder money for Iran," the Treasury said. Asked on Monday about how these sanctions may impact Washington's relationship with China, given Beijing's close partnership with Tehran, Bessent replied: "We find that the best way to engage with countries is through quiet diplomacy, and we are level setting with every country to tell them our expectations." China is the top recipient of Iranian energy exports, and Chinese President Xi Jinping is expected to make a state visit to the White House next month. War on Iran News Post Date Override 0 Update Date Mon, 05/04/2020 - 21:19 Update Date Override 0