US targets Egyptian bank’s UAE branches under new push for Iran’s economic isolation

The Trump administration is restricting the operations of an Egyptian bank in the United Arab Emirates, alleging the institution acts as an economic lifeline for Iran's leadership during the U.S.-Iran war's sixth month. Treasury Secretary Scott Bessent stated the move aims to encourage other nations to sever financial ties with Iran to avoid repercussions.

The rule, proposed by the Treasury Department, will permit a 30-day public comment period before implementation. Egypt's central bank affirmed the rule applies solely to the bank's UAE branches and transfers involving U.S. dollars, excluding Banque Misr's Egyptian operations. The administration warned against enabling Iran's continued access to the U.S. dollar and global financial system, emphasizing the need to prevent further destabilization.