Treasury moves to sanction UAE branch of Egyptian bank over Iran ties
Banque Misr UAE processed about $1.8 billion over two years for some 100 companies that are potentially part of Iran's shadow banking network, Treasury said.
The US Treasury Department has sanctioned the UAE branch of Bank Misr, citing ties to Iran. However, Egypt's central bank has clarified that these sanctions only affect the bank's US dollar transactions with correspondent banks in the United States. The US measures are part of broader economic restrictions on Iran, following specific bank transfers made for the benefit of Iranian banks.
Egypt's central bank stated that the sanctions do not impact Bank Misr's operations in Egypt or any of its other overseas branches. It emphasized that the US actions are confined to the specific UAE unit, and do not affect any banks operating within Egypt's banking sector. The central bank reiterated the strength and resilience of all Egyptian banks in the face of these US measures.
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