Banque Misr, Egypt’s second-largest, hit by US sanctions: What to know

Live updates

1. 11d ago

   US Moves Against Banque Misr Amid Expanding Iran Conflict

   The US Treasury's Financial Crimes Enforcement Network proposed restricting five United Arab Emirates branches of Banque Misr from accessing US correspondent banking. Authorities claim 103 Iranian front companies moved $1.8 billion through the Emirati branches of Egypt's second-largest bank. In response, the central banks of Egypt and the UAE are coordinating efforts, with the UAE central bank launching an urgent examination of the bank. Meanwhile, US Treasury Secretary Scott Bessent stated that the administration will start sanctioning foreign banks every week as part of a campaign to isolate Iran economically.

   Why it matters

   The action against Banque Misr exposes vulnerabilities in Gulf funding networks for Africa and highlights intensifying financial pressure on international financial institutions dealing with Iran. The United States also blacklisted Istanbul-based Golden Global Investment Bank for facilitating transactions for Iran's Islamic Revolutionary Guard Corps Quds Force. These financial crackdowns coincide with direct military exchanges, including US strikes near the Strait of Hormuz and Iranian missile launches at bases in Jordan.

   What is confirmed

   • FinCEN proposed restricting Banque Misr's five UAE branches from accessing US correspondent banking.
   • Fincen stated that 103 Iranian front companies moved $1.8 billion through the Egyptian bank's Emirati branches.
   • The central banks of Egypt and the UAE are coordinating efforts, with the UAE central bank launching an urgent examination of the bank.
   • US Treasury Secretary Scott Bessent stated that the administration will start sanctioning foreign banks every week.

   Still unconfirmed

   • Treasury official Bessent indicated that the US intends to sanction another bank specifically as part of this crackdown on Iranian transactions.

   What to watch next

   • Final implementation of FinCEN's proposed restrictions on Banque Misr's UAE branches
   • Actions against additional foreign banks announced by US Treasury Secretary Scott Bessent
   • Results of the UAE central bank's urgent examination of Banque Misr
   Sources used for this update (6)

   1. jen.jiji.com — U.S., Iran exchange strikes as tensions rise around Strait of Hormuz
   2. www.ecofinagency.com — U.S. Move Against Banque Misr Puts a Vulnerability in Gulf Funding for Africa in Focus
   3. www.americanbanker.com — U.S. banks may need to blacklist UAE branches of Banque Misr
   4. english.aawsat.com — US Diesel Prices Hit New High amid Iran War Disruption
   5. www.briefs.co — U.S. targets small Istanbul bank as Iran sanctions push drags on
   6. www.law.com — Banque Misr Penalties a 'Wake-Up Call' for Banks Over Hidden Iran Ties, Lawyers Say
   confidence 100%
2. 16d ago

   US Sanctions Target Banque Misr UAE Branches Over Iran Ties

   The US Treasury is moving to cut the UAE branches of Banque Misr, Egypt's second-largest bank, from the US financial system. This action is part of a broader effort to isolate Iran economically. In response, the central banks of Egypt and the UAE are coordinating their efforts, with the UAE central bank launching an urgent examination of the bank. Treasury official Bessent has indicated that the US intends to sanction another bank as part of this crackdown on Iranian transactions.

   Why it matters

   These sanctions coincide with a military flare-up involving US strikes on Iranian missile launchers on Larak Island and Iranian retaliatory strikes on US bases in Jordan. The financial pressure is part of a campaign titled Operation Economic Outcast.

   What is confirmed

   • The US is targeting the UAE branches of Banque Misr to isolate Iran economically.
   • Banque Misr is the second-largest bank in Egypt.
   • Central banks in Egypt and the UAE are coordinating following the US Treasury notice.
   • The UAE central bank has started an urgent examination of Banque Misr.
   • The US military struck Iranian missile launchers on Larak Island.
   • Bessent stated the US plans to sanction another bank to clamp down on Iran transactions.

   Still unconfirmed

   • The financial actions are part of a campaign called Operation Economic Outcast.
   • Iran launched retaliatory strikes on US bases in Jordan.

   What to watch next

   • Identification of the next bank targeted for sanctions by the US Treasury
   • Results of the UAE central bank's urgent examination of Banque Misr
   • Official response from the Iranian government regarding the financial sanctions
   Sources used for this update (13)

   1. Politico — Bessent targets banks in UAE over Iran ties
   2. AP News — US targets Egyptian bank’s UAE branches under new push for Iran’s economic isolation
   3. Reuters — Egypt's Banque Misr reviews US Iran sanctions notice, UAE central bank launches urgent examination
   4. Al Jazeera — Banque Misr, Egypt’s second-largest, hit by US sanctions: What to know
   5. The New York Times — U.A.E. To Review Banque Misr, Targeted by Iran Sanctions
   6. WSJ — Opinion | Trump’s New Iran Sanctions Put China on Notice
   7. Reuters — UAE, Egyptian central banks say they are coordinating on Banque Misr after US Treasury notice
   8. www.foxnews.com — US forces strike Iranian missile launchers as IRGC prepares rockets, sea mines in Strait of Hormuz
   9. AP News — US plans to sanction another bank in effort to clamp down on Iran transactions, Bessent tells AP
   10. CNBC — U.S. plans to sanction another bank in effort to clamp down on Iran transactions: Bessent
   11. africa.businessinsider.com — Central banks in Egypt, UAE join forces as US moves to cut Banque Misr from dollar system due to Iran links
   12. www.livemint.com — US-Iran war: Why Larak island, Jordan and Egypt's Banque Misr are targets in latest flare-up
   confidence 95%