U.S. Treasury Moves to Sanction UAE Branch of Egypt's Banque Misr Over Iran Links
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The Treasury Department announced plans to cut the UAE unit of Banque Misr off from U.S. financial services, citing $1.8 billion in transactions for companies tied to Iran's shadow banking network.
The U.S. Treasury Department said on Friday it will revoke the United Arab Emirates branch of Egypt’s Banque Misr from access to U.S. financial institutions. The move follows Treasury’s assessment that the branch processed roughly $1.8 billion over the past two years for about 100 firms it believes are part of Iran’s shadow banking network.
The sanction effort follows the launch of “Operation Economic Outcast,” a campaign announced by Treasury Secretary Scott Bessent to isolate Iran financially. Bessent indicated a major sanction announcement was expected by the end of the week.
In related actions, the Treasury also added Iranian national Reza Mohammad Taeedi, manager of the Dubai office of Iran’s Bank Melli, to its blacklist and sanctioned Hong Kong-based Kameng Trading Ltd. for allegedly serving as a front for an Iranian exchange house.
"If they facilitate transactions and are part of the ecosystem that turns Iranian oil into money, into repression, they will be targeted," Bessent said.
The Treasury’s measures come amid ongoing efforts to curb revenue from Iran’s crude oil exports, which remain heavily dependent on shipments to China despite a U.S. naval presence in the Strait of Hormuz.