US Targets Egyptian Bank's UAE Branches Under New Push for Iran's Economic Isolation
- On Friday, the Treasury Department proposed cutting Banque Misr UAE from U.S. correspondent banking access, identifying the United Arab Emirates branch as a "primary money laundering concern."
- Banque Misr UAE processed about $1.8 billion for 103 companies over two years, which Treasury claims are front entities for Iran's Defense Ministry and Islamic Revolutionary Guard Corps.
- This action follows Treasury Secretary Scott Bessent launching "Operation Economic Outcast" four days ago; Bessent warned that "Iran's enablers cannot continue to enjoy access to the U.S. dollar and the global financial system."
- Additionally, the Office of Foreign Assets Control sanctioned Bank Melli Dubai manager Reza Mohammad Taeedi and Hong Kong-registered Kameng Trading Limited for laundering funds for the Islamic Revolutionary Guard Corps Quds Force.
- The proposed rule faces a 30-day public comment period before taking effect, while Bessent is set to attend Group of 20 finance ministers meetings next week to encourage international participation in Iran's economic isolation.
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US moves to curb Banque Misr’s UAE operations over Iran
Washington: The Trump administration is taking steps to limit an Egyptian bank’s operations in the United Arab Emirates, accusing the financial institution of serving as an economic lifeline to Tehran’s leadership as the US war against Iran reaches the six-month mark. Under a new rule proposed Friday, August 28, by the Treasury Department, the Emirati branches of Banque Misr, Egypt’s second-largest bank, would be severed from access to the US fi…
The Treasury Department will prevent access to the U.S. financial system to the subsidiary of the Egyptian state bank Misr in the Arab Emirates, an entity accused of having financial exchanges with Iran, a U.S. official told the AFP this Friday. This is the first concrete measure taken by the government of Donald Trump after earlier this week Treasury Secretary Scott Bessent threatened to isolate Iran economically six months after the war began.…
The US government will bar the Emirati branch of Egypt's state-owned bank Misr from accessing the financial system of the world's largest economy, according to a statement released Friday, August 28, by the Treasury Department. Washington, which has announced its intention to cripple the Tehran regime, accuses this branch of engaging in financial transactions with Iran.
El Confidencial
diarioestrategia.clThe U.S. Treasury has put Misr Bank, Egypt’s second largest financial institution, in its sights this Friday
(Washington = Yonhap News) Correspondent Park Sung-min = On the 28th (local time), marking six months since the start of the war against Iran, the Donald Trump administration [issued] new... regarding Iran-linked banks, etc.
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