US sanctions Banque Misr UAE over Iran links, cutting dollar access
The US Treasury is revoking Banque Misr UAE’s access to the US dollar financial system via a FinCEN rule that would block its USD correspondent banking, a process that could take effect after a public comment period. Officials say Banque Misr UAE handled about $1.8 billion for 103 Iran-linked entities from Jan 2024 to Jun 2026, part of Iran’s shadow banking networks that rely on USD access. Banque Misr says it is reviewing the notice and will seek clarifications; Egyptian authorities note the measure affects only the UAE branch’s USD transactions, not Banque Misr’s operations in Egypt or other branches, while the UAE central bank is conducting a special examination. The move is part of the broader Operation Economic Outcast, with OFAC also sanctioning Bank Melli’s Dubai branch manager and other Iranian-linked entities; Iran has rejected the sanctions.