Egypt's Banque Misr reviewing US Iran sanctions notice

Egypt's Banque Misr is reviewing a US Treasury notice related to restricting US dollar correspondent banking services provided to its branch in the United Arab Emirates. According to Middle East Eye, the bank's UAE branch continues to provide banking services to customers in accordance with applicable rules and procedures. The US Treasury had moved to cut off Banque Misr's UAE branches from dollar transactions for its dealings with Iran.

The US has been imposing sanctions on Iran, with President Donald Trump's administration stepping up efforts to punish the country financially. Free Malaysia Today reported that Iranian President said foreign trade had shrunk by a third due to US sanctions and blockade. The Iranian government has stated that addressing economic pressures caused by sanctions and war is a central focus, including curbing inflation and managing markets.

The US has warned countries to cut business ties with Iran or face secondary sanctions. The Iranian government has vowed to withstand US pressure and pursue diplomacy, while maintaining control over the strategic Strait of Hormuz.

Brief written by urgent.news from Middle East Eye, Free Malaysia Today — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.