UAE Probes Banque Misr’s UAE Units in Iran Sanctions Case

The United Arab Emirates’ central bank said it will conduct a special, urgent review of Banque Misr’s UAE operations after the U.S. Treasury alleged the Cairo-based lender helped Iran skirt sanctions, highlighting the UAE’s role as a trade hub for Iran. The Treasury also proposed a rule to bar the bank’s Emirati branches from dealing with American financial institutions and described Banque Misr as a key node for Iran’s access to dollars, citing about $1.8 billion in potentially sanctionable Emirati transactions from 2024 to mid-2026.