US restricts Egyptian bank subsidiary over Iran financial ties

The U.S. Treasury has imposed restrictions on the United Arab Emirates branch of Egypt's state-owned Misr bank. The U.S. accuses the bank of engaging in financial exchanges with Iran, a move that will prevent the subsidiary from accessing the U.S. financial system.

This marks the first concrete action taken by the Trump administration since Treasury Secretary Scott Bessent threatened to economically isolate Iran. The sanctions specifically target the bank's ability to conduct transactions in U.S. dollars, effectively cutting it off from global financial markets.

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Those who facilitate Iran's activities cannot continue to have access to the dollar or the global financial system.

"Those who facilitate Iran's activities cannot continue to have access to the dollar or the global financial system," Bessent stated. He added that Misr Bank UAE "learned this the hard way, and today we take the first step in holding it accountable for its continued support of the Iranian regime."

The U.S. has intensified its sanctions against Iran, targeting sectors including gold, technology, digital assets, aviation, and maritime transport. The issue of economic pressure on Iran is slated for discussion at the upcoming G20 summit in Miami.

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Misr Bank UAE learned this the hard way, and today we take the first step in holding it accountable for its continued support of the Iranian regime.