- 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.
ALSO READ: 'Pressure Doesn't Work': Iran Asks US To Uphold Commitments, Acknowledge Tehran's Rights
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.
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