Treasury eyes sanctions on Banque Misr UAE for Iran ties
The U.S. Treasury Department is sanctioning the UAE branch of Egypt's Banque Misr for allegedly facilitating $1.8 billion in transactions for Iran's shadow banking network. This move is part of a broader campaign led by Treasury Secretary Scott Bessent to sever Iran's global economic ties.
Why it matters
This escalation signals a more aggressive U.S. stance on secondary sanctions, potentially pressuring international financial institutions to choose between U.S. market access and business with Iran.
The Treasury Department on Friday moved to sanction the United Arab Emirates branch of an Egyptian bank over its financial ties to Iran.
Treasury intends to revoke the access of Banque Misr UAE to U.S. financial institutions, the department said in a statement.
Banque Misr UAE processed about $1.8 billion over the past two years for some 100 companies that are potentially part of Iran's shadow banking network, according to Treasury.
The action comes four days after Treasury Secretary Scott Bessent launched "Operation Economic Outcast," a sanctions campaign that aims to sever all of Iran's economic ties around the world.
Bessent said Monday that Treasury would make "a major announcement of a financial institution being sanctioned by the end of this week."
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