US targets Egyptian bank in new round of Iran sanctions

The Trump administration has targeted the UAE branches of Egypt's Banque Misr with new sanctions as part of its 'Operation Economic Outcast' campaign against Iran. The US Treasury's Financial Crimes Enforcement Network (FinCEN) proposed cutting off these branches from US correspondent banking access, effectively restricting their ability to conduct dollar transactions linked to Tehran. Treasury Secretary Scott Bessent stated that the move aims to sever Iran's economic lifelines, accusing the bank of providing egregious support to the Iranian regime. According to the Treasury, the six UAE branches processed approximately $1.8 billion in transactions between January 2024 and June 2026 for entities potentially connected to Iranian shadow banking networks. The measure applies exclusively to the UAE branches, leaving the bank's headquarters in Cairo and other international offices unaffected. In response, Iranian Economy Minister Ali Madanizadeh dismissed the pressure, stating that the government has a two-year strategy to manage the sanctions. Iranian Deputy Foreign Minister Kazem Gharibabadi characterized the expansion of the US economic campaign as an admission of Washington's failure to achieve its military objectives.