US moves to cut Banque Misr UAE from dollar system over Iran ties
What's new: Treasury said the bank's UAE branches processed about $1.8 billion for 103 firms tied to Iran's shadow network.
The Treasury Department moved Friday to block Banque Misr's branches in the United Arab Emirates from accessing the US financial system, accusing them of helping Iran obtain dollars. Treasury's Financial Crimes Enforcement Network proposed a rule revoking the branches' correspondent banking access to US institutions, while the Office of Foreign Assets Control also sanctioned Reza Mohammad Taeedi of Bank Melli's Dubai branch and Hong Kong-based Kameng Trading Ltd. Treasury said Banque Misr UAE handled about $1.8 billion in transactions between January 2024 and June 2026 for 103 companies potentially linked to Iranian shadow banking networks. Egypt's central bank said the action is limited to Banque Misr's UAE branches and dollar transfers, not the bank's operations in Egypt or other branches.