US Targets Banque Misr UAE Operations Over Alleged Iran Ties in New Sanctions Push

The new headquarters of Banque Misr of Egypt, located in the New Administrative Capital east of Cairo, has become the center of a major financial dispute after the United States announced plans to cut off the bank's UAE operations from the US financial system.

US Treasury Secretary Scott Bessent stated on Friday that the measure aims to sever Iran's economic lifelines and hold Banque Misr accountable for supporting the Iranian regime. According to the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), Banque Misr UAE processed approximately $1.8bn for 103 companies linked to Iranian shadow banking networks between January 2024 and June 2026.

Banque Misr announced on Saturday that it is reviewing the US Treasury’s notice and will study the data and estimates with the utmost seriousness. The Central Bank of Egypt confirmed that it is in contact with US authorities alongside Egypt’s Ministry of Foreign Affairs, noting that the measure is strictly limited to Banque Misr UAE’s US dollar transactions and does not impact operations within Egypt or other overseas branches.

Meanwhile, the UAE central bank announced on Sunday that it is launching a special and urgent examination of Banque Misr’s branches in the country, including a forensic lookback covering the period specified by US authorities.

Alongside the action against Banque Misr, the US Treasury Department’s Office of Foreign Assets Control (OFAC) also imposed sanctions on Reza Mohammad Taeedi, general manager of the Dubai branch of Iran’s Bank Melli, and Hong Kong-based Kameng Trading Limited.

The latest restrictions are part of a broader US pressure campaign dubbed Operation Economic Outcast, aimed at increasing economic pressure on Tehran amid deadlocked truce talks.