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US Treasury Moves to Sanction UAE Branch of Egyptian Bank Over Iran Ties
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US Treasury Moves to Sanction UAE Branch of Egyptian Bank Over Iran Ties

The Treasury Department moved to sanction Banque Misr UAE, accusing it of processing about $1.8 billion for firms linked to Iran's shadow banking network, as

August 29, 2026Source: cnbc.com

The U.S. Treasury Department on Friday moved to sanction the United Arab Emirates branch of Banque Misr, an Egyptian bank, citing its financial ties to Iran.

Treasury intends to revoke Banque Misr UAE's access to U.S. financial institutions. According to the department, the bank processed about $1.8 billion over the past two years for some 100 companies that are potentially part of Iran's shadow banking network.

The action comes four days after Treasury Secretary Scott Bessent launched "Operation Economic Outcast," a sanctions campaign aimed at severing Iran's economic ties around the world. Bessent had said on Monday that Treasury would make "a major announcement of a financial institution being sanctioned by the end of this week."

President Donald Trump has described the sanctions campaign against Iran as the economic equivalent of D-Day, the Western allies' invasion of Nazi-occupied Europe during World War II. Treasury's actions against Iran have so far been described as modest in scope.

Additional actions announced Friday

  • Treasury blacklisted Iranian national Reza Mohammad Taeedi, general manager of the Dubai branch of Iran's Bank Melli.
  • Treasury sanctioned Kameng Trading Ltd., a Hong Kong entity, for allegedly acting as a front company that launders money for an Iranian exchange house.

Iran's crude oil exports are a crucial source of its revenue, with China as its main customer. The U.S. Navy blockade of the Strait of Hormuz has slashed those exports, though tankers in Asia remain loaded with millions of barrels of Iranian oil waiting to discharge in China, according to Kpler.

Asked on Monday whether the U.S. would sanction Chinese institutions, Bessent said "no one is above the reach of U.S. sanctions." He added: "If they facilitate transactions and are part of the ecosystem that turns Iranian oil into money, into repression, they will be targeted."

Source: CNBC

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