The Trump administration is moving to restrict Banque Misr’s UAE branches from access to the U.S. financial system as part of a new push to isolate Iran economically. The Treasury Department proposed the rule on Friday, and it would take effect after a 30-day public comment period. Treasury Secretary Scott Bessent said the administration is warning Iran’s enablers they cannot keep access to the U.S. dollar and global financial system. Egypt said the measure is limited to the UAE branches and dollar transfers and does not affect other Egyptian banks.
U.S. Treasury Secretary Scott Bessent speaks during a press conference to outline further sanctions against Iran, at the Treasury Department in Washington, D.C., U.S., Aug. 24. Reuters-Yonhap
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 U.S. war against Iran reaches the six-month mark.
Under a new rule proposed Friday by the Treasury Department, the Emirati branches of Banque Misr, Egypt’s second-largest bank, would be severed from access to the U.S. financial system.
