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.
