Treasury eyes sanctions on Banque Misr UAE for Iran ties
U.S. Treasury Secretary Scott Bessent speaks during a press conference at the Cash Room of the Treasury Department in Washington, D.C., on Aug. 24, 2026.
Mehmet Eser | Anadolu | Getty Images
The Treasury Department on Friday moved to sanction the United Arab Emirates branch of an Egyptian bank over its financial ties to Iran.
Treasury intends to revoke the access of Banque Misr UAE to U.S. financial institutions, the department said in a statement.
Banque Misr UAE processed about $1.8 billion over the past two years for some 100 companies that are potentially part of Iran’s shadow banking network, according to Treasury.
The action comes four days after Treasury Secretary Scott Bessent launched “Operation Economic Outcast,” a sanctions campaign that aims to sever all of Iran’s economic ties around the world.
Bessent told reporters Monday that Treasury would make “a major announcement of a financial institution being sanctioned by the end of this week.”
Treasury also blacklisted Iranian national Reza Mohammad Taeedi, the general manager of the Dubai branch of Iran’s Bank Melli. And it sanctioned a Hong Kong entity, Kameng Trading Limited, for allegedly acting as a front company that launders money for Iranian firms.
This is a developing story. Please check back for updates.
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