- The US plans to cut off Banque Misr UAE from the American financial system
- Banque Misr is Egypt's second-largest bank targeted over dealings with Tehran
- The move aims to tighten sanctions pressure on Iran's financial operations
The US is set to tighten the financial screws on Iran, targeting the UAE operations of Egypt's Banque Misr as Washington steps up sanctions pressure on Tehran.
According to AFP, the US plans to cut off the UAE operations of Banque Misr, Egypt's second-largest bank, from the American financial system.
Reuters reported that the Trump administration is preparing restrictions on the Egyptian lender over its business dealings with Tehran. The proposed action would revoke Banque Misr UAE's correspondent banking access to US financial institutions, a US official told Reuters.
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The move comes as the US marks six months of its ongoing war with Iran and follows fresh threats from Treasury Secretary Scott Bessent of further economic action against Tehran.
Separately, the US Treasury Department announced sanctions against a Hong Kong-based entity and an individual linked to Iran's Bank Melli.
The latest measures add to Washington's broader campaign to isolate Iran financially and squeeze its economy. Tehran has urged other countries not to cooperate with or join the new US sanctions.
US Treasury Secretary Scott Bessent said the US has taken action against Banque Misr's UAE operation over its alleged continued business dealings with Iran.
In a post on X, Bessent said the Egyptian bank's UAE operation had “decided to find out the hard way” and that Washington was taking the first step to hold it accountable for what he called its “egregious support” for the Iranian regime.
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
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The move comes under Operation Economic Outcast, a US campaign aimed at economically isolating Tehran. Bessent said banks had been warned against conducting business with Iran and that entities enabling Tehran could lose access to the US dollar and the global financial system.
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