U.S. Treasury Sanctions Egypt's Banque Misr Over Iran Transactions, Revokes Dollar Access
The U.S. Department of the Treasury has imposed sanctions on Banque Misr, Egypt's second-largest bank, specifically targeting its UAE branches. The Financial Crimes Enforcement Network (FinCEN) proposed a rule to revoke Banque Misr UAE's correspondent banking access to U.S. financial institutions, effectively preventing its UAE branches from conducting transactions in U.S. dollars and accessing the U.S. financial market. According to the Treasury, Banque Misr UAE processed approximately $1.8 billion for 103 companies potentially linked to Iranian shadow banking networks between January 2024 and June 2026. The Treasury alleges that these transactions facilitated access to U.S. dollars for Iran's Ministry of Defense, the Islamic Revolutionary Guard Corps, and money laundering operations for Iranian Supreme Leader Mojtaba Khamenei. This action is part of a broader U.S. effort, dubbed 'Operation Economic Outcast,' to economically pressure and isolate Tehran. Banque Misr stated it is reviewing the notice, and t... 
