Egypt in talks with U.S. after Treasury sanctions Egyptian bank

Egypt, a key U.S. ally and mediator in Middle East conflicts, is actively engaging with American authorities after the U.S. Treasury Department imposed sanctions on a state-owned Egyptian bank. The sanctions are part of a broader U.S. operation targeting Iran.

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is studying the regulatory measures

Banque Misr, Egypt's second-largest bank, stated it is reviewing the U.S. Treasury's regulatory measures against its branches in the United Arab Emirates (UAE). The bank emphasized it is treating the sanctions with "the utmost seriousness and attention" and is studying them carefully. Banque Misr plans to communicate with the U.S. Treasury for further information and to cooperate in preparing a response.

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The bank (Misr) approaches these measures, as well as the data and estimates they contain, with the utmost seriousness and attention, and is studying them carefully.

The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) proposed revoking Banque Misr's access to U.S. financial institutions as a correspondent bank, labeling its UAE branches as a "crucial node for the Iranian regime's access to U.S. dollars." This move is intended to intensify pressure on Iran.

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It will communicate with the U.S. Department of the Treasury to obtain more information and continue cooperation in preparation for adopting the necessary legal and regulatory measures and submitting its response to the competent authorities.

Banque Misr clarified that the U.S. sanctions are confined to its UAE branches and do not affect its operations in Egypt or other countries where it has a presence. The bank reaffirmed its strong financial position and commitment to its clients in the UAE. Meanwhile, Egypt's Central Bank confirmed that Egyptian authorities are in contact with their U.S. counterparts regarding these measures.

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is a crucial node for the Iranian regime's access to U.S. dollars.