UAE investigates Egyptian bank targeted by US sanctions
The UAE’s Central Bank launched a probe into the local branches of Egypt’s Banque Misr over potential links to Iran.
The Central Bank of the UAE has initiated an investigation into the local branches of Egypt’s Banque Misr following the US Treasury's decision to bar the lender's UAE operations from dollar transactions due to its dealings with Iran. This probe comes in the wake of the US Treasury's announcement of a fresh sanctions campaign against Iran, which reportedly targeted Banque Misr’s UAE branches for processing about $1.8 billion in transactions that were potentially part of Iranian shadow banking networks.
Despite the US warning of an "economic D-Day," Iranian banks in the UAE have continued to operate, and many of Iran's biggest trading partners have largely ignored the threat.
Brief written by urgent.news from Semafor's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
