The US Treasury Department has imposed restrictions on the United Arab Emirates-based branch of Banque Misr, accusing it of processing transactions linked to Iranian shadow banking networks.
The measures restrict the branch’s access to the US financial system and dollar correspondent banking services, according to the US Treasury.
The Treasury said Banque Misr’s UAE unit processed approximately $1.8 billion in transactions between January 2024 and June 2026 for companies allegedly linked to Iranian shadow banking networks.
The action comes as the administration of US President Donald Trump intensifies pressure on foreign financial institutions accused of facilitating transactions involving sanctioned Iranian entities.
The measures are part of Washington’s broader “Operation Economic Outcast” campaign aimed at tightening Iran’s financial isolation and targeting channels that the US says help Tehran move funds, generate revenue and circumvent sanctions.
The US also announced measures against the general manager of Bank Melli Iran’s Dubai branch and a Hong Kong-based company, accusing them of participating in financial activities supporting sanctioned Iranian entities.
CBE clarifies impact
The Central Bank of Egypt (CBE) said on Friday that it and the Egyptian Foreign Ministry are in contact with the US side regarding the measures imposed on Banque Misr’s UAE branch.
The CBE clarified that the measures only affect the UAE branch’s transactions with correspondent banks in US dollars and do not extend to any Egyptian banking-sector institutions.
The restrictions also do not affect Banque Misr in Egypt or its other overseas branches, the CBE said.
The central bank reaffirmed the strength and resilience of all banks operating in Egypt.