US targets Egyptian bank's UAE branches under new push for Iran's economic isolation
WASHINGTON — The Trump administration is taking steps to limit an Egyptian bank's operations in the United Arab Emirates, accusing the financial institution of serving as an economic lifeline to Tehran's leadership as the U.S. war against Iran reaches the six-month mark. Under a new rule proposed Friday by the Treasury Department, the Emirati branches of Banque Misr, Egypt’s second-largest bank,…
The Trump administration is moving to restrict the operations of an Egyptian bank in the United Arab Emirates, alleging the financial institution serves as a lifeline for Iran's leadership amid the U.S. conflict with Tehran. Treasury Department's proposed rule on Friday would cut off the Emirati branches of Banque Misr, Egypt's second-largest bank, from accessing the U.S. financial system.
This follows Treasury Secretary Scott Bessent's announcement this week of a new effort to pressure countries continuing to trade with Iran to sever financial ties or face consequences from the United States. While the move doesn't impose sanctions on Banque Misr, it reflects the Republican administration's caution in penalizing significant trade partners such as China and India that do business with Iran.
Bessent informed reporters on Monday that he aimed for nations to have a chance to distance themselves from Iran before it was too late, aiming to prevent global financial disruption.
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