US Moves to Cut Banque Misr UAE From Global Financial System
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The United States has moved to restrict Banque Misr’s branches in the United Arab Emirates from accessing the global financial system, as the Trump administration intensifies pressure on Iran.
The US Treasury said its Financial Crimes Enforcement Network (FinCEN) proposed revoking Banque Misr UAE’s correspondent banking access to US financial institutions. The Egyptian bank’s UAE operations would lose the ability to conduct US-dollar transactions from September 28 if the proposal takes effect.
Banque Misr is Egypt’s second-largest bank. The Treasury alleges that its UAE arm represents an important channel for Iran’s access to US dollars. A 30-day public comment period is now underway before a final decision.
The move is part of “Operation Economic Outcast”, a campaign announced by Treasury Secretary Scott Bessent to increase economic pressure on Iran amid tensions over the Strait of Hormuz.
The US also sanctioned the manager of Bank Melli’s Dubai branch, Reza Mohammad Taeedi. Washington says Bank Melli has played a major role in supporting Iran’s armed forces and other sanctioned entities.
A Hong Kong-based company, Kameng Trading Limited, was also sanctioned over alleged money-laundering activities linked to an Iranian exchange house.
The measures come as Washington seeks to pressure countries maintaining economic ties with Tehran, including China, a major buyer of Iranian energy exports.
