NewzThe move is part of Washington’s wider effort to pressure Iran by cutting it off from the global financial system. 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. WASHINGTON (AP) — 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.It follows Treasury Secretary Scott Bessent's announcement this week of a new campaign to push countries that still do business with the already heavily sanctioned Islamic Republic to sever their financial ties or face retaliation from the United States.In stopping short of imposing sanctions on the Egyptian bank, the move signals the Republican administration's reluctance to penalize major trading partners that do business with Iran, including China and India. Bessent told reporters on Monday that he wanted countries to have an opportunity to shift away from Iran before it was too late in a bid to avoid upending the global financial system.The rule will be subject to a 30-day public comment period before it takes effect, the Treasury Department said.The Trump administration “warned that Iran’s enablers cannot continue to enjoy access to the U.S.
dollar and the global financial system,” Bessent said in a statement Friday. “Banque Misr UAE decided to find out the hard way, and today, we are taking the first step in holding it accountable for its continued, egregious support of the Iranian regime.”Egypt’s foreign ministry and central bank confirmed knowledge of the new rulemaking and are communicating with U.S. officials, according to a statement issued by the Central Bank of Egypt on Friday.“The CBE affirms that this measure is limited to the bank’s branches in the UAE and only to its dollar transfers,” the statement said.It added that the measure does not affect any other Egyptian bank and does not extend to the Banque Misr’s operations inside Egypt or to any of its overseas branches.“The Central Bank of Egypt affirms the strength and resilience of all banks operating in Egypt,” the statement said.Also Friday, the U.S.
Treasury Department posted on its Office of Foreign Assets Control website new sanctions on the bank manager of the Dubai branch of Iran’s Bank Melli and a Hong Kong-based firm that the U.S… The Treasury Department is due to cut off a major Egyptian bank's operations in the United Arab Emirates from the US financial system, an official confirmed Friday, as Washington pushes to choke Iran off economically. The move impacts UAE branches of Egypt's second biggest bank, Banque Misr, blocking their banking access to US financial institutions.
US Treasury Secretary Scott Bessent laid out plans this week for Iran's "economic asphyxiation," six months into a war on Tehran that is now locked in a stalemate. The Treasury Department's action will only take effect after a month-long public comment period. Treasury promised to sever every economic lifeline Tehran has left and finally end the threat of the Iranian regime.
We also warned that Iran’s enablers cannot continue to enjoy access to the U.S. dollar and the global financial system. Banque Misr UAE decided to find out the… https://t.co/bMPIrlbrFF — Treasury Secretary Scott Bessent (@SecScottBessent) August 28, 2026 In a statement first reported by the Financial Times, Bessent said Washington has "warned that Iran's enablers cannot continue to enjoy access to the US dollar and the global financial system." "Banque Misr UAE decided to find out the hard way and, today, we are taking the first step in holding it accountable for its continued, egregious support of the Iranian regime," he added.
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