Banque Misr, Egypt’s second-largest, hit by US sanctions: What to know
The United States has said it will cut off the UAE operations of Banque Misr from the US financial system after accusing Egypt’s second-biggest bank of doing business with the Iranian government. “ Treasury promised to sever every economic lifeline Tehran has left and finally end the threat of the Iranian regime,” US Secretary of the Treasury Scott Bessent said in a statement on Friday.
Why It Matters
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Key Facts
- Fact 1: Last week, the US Treasury also imposed new sanctions on nearly 60 individuals and entities, targeting networks accused by Washington of helping Iran generate oil revenue, procure weapons and conduct cyber operations.
- Fact 2: It added that it estimates that “between January 2024 and June 2026, Banque Misr UAE processed approximately $1.8bn for 103 companies that are potentially part of Iranian shadow banking networks”.
- Fact 3: The US government’s proposed punishment is expected to come into effect in 30 days after a public comment period, and will not impact any other branches of the bank.
The United States has said it will cut off the UAE operations of Banque Misr from the US financial system after accusing Egypt’s second-biggest bank of doing business with the Iranian government. “ Treasury promised to sever every economic lifeline Tehran has left and finally end the threat of the Iranian regime,” US Secretary of the Treasury Scott Bessent said in a statement on Friday.
The home front: How Israel, Iran, and US leaders have been hit by the war Israel says Netanyahu’s son ‘urgently evacuated’ from the US after threat Iran’s Khamenei calls for Gulf unity as Hormuz tensions persist “We also warned that Iran’s enablers cannot continue to enjoy access to the US dollar and the global financial system. Banque Misr UAE decided to find out the hard way, and today, we are taking the first step in holding it accountable for its continued, egregious support of the Iranian regime,” he said. Banque Misr said on Saturday that it was reviewing the US Treasury’s notice.
(Original synthesis pending human/AI review — generated by the stub provider by selecting real sentences from the source material, not by writing new analysis or commentary.)
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