US Targets Egyptian Bank’s UAE Branches Under New Push for Iran’s Economic Isolation
- On Friday, the Treasury Department proposed cutting Banque Misr UAE from U.S. correspondent banking access, identifying the United Arab Emirates branch as a "primary money laundering concern."
- Banque Misr UAE processed about $1.8 billion for 103 companies over two years, which Treasury claims are front entities for Iran's Defense Ministry and Islamic Revolutionary Guard Corps.
- This action follows Treasury Secretary Scott Bessent launching "Operation Economic Outcast" four days ago; Bessent warned that "Iran's enablers cannot continue to enjoy access to the U.S. dollar and the global financial system."
- Additionally, the Office of Foreign Assets Control sanctioned Bank Melli Dubai manager Reza Mohammad Taeedi and Hong Kong-registered Kameng Trading Limited for laundering funds for the Islamic Revolutionary Guard Corps Quds Force.
- The proposed rule faces a 30-day public comment period before taking effect, while Bessent is set to attend Group of 20 finance ministers meetings next week to encourage international participation in Iran's economic isolation.
23 Articles
23 Articles
The US government will bar the Emirati branch of Egypt's state-owned bank Misr from accessing the financial system of the world's largest economy, according to a statement released Friday, August 28, by the Treasury Department. Washington, which has announced its intention to cripple the Tehran regime, accuses this branch of engaging in financial transactions with Iran.
El Confidencial
diarioestrategia.clThe U.S. Treasury has put Misr Bank, Egypt’s second largest financial institution, in its sights this Friday
(Washington = Yonhap News) Correspondent Park Sung-min = On the 28th (local time), marking six months since the start of the war against Iran, the Donald Trump administration [issued] new... regarding Iran-linked banks, etc.
Treasury announces new sanctions on Egyptian bank’s UAE branch
The U.S. Treasury Department on Friday announced new restrictions on the United Arab Emirates branch of the Egyptian state-owned bank Banque Misr as part of Operation Economic Outcast, the Trump administration's new strategy to economically isolate Iran.
The United States Treasury Department announced on Friday that it intends to withdraw access to the American financial system from the Misr Bank's subsidiaries in the United Arab Emirates, in one of the first steps of President Donald Trump's government to implement the promised Operation Economic Paria against Iran. The financial institution is Egypt's second largest, and the measure seeks to prevent its operations in the Emirates from making d…
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