business π¦ US sanctions hit Egypt's Banque Misr UAE operations
The US has decided to cut off Banque Misr's UAE operations from the US financial system following accusations of dealing with the Iranian government. This action targets the UAE branches of Egypt's second-largest bank due to its alleged support for the Iranian regime. The Treasury estimates Banque Misr UAE processed about $1.8bn for 103 companies between January 2024 and June 2026. The move is part of Washington's Operation Economic Outcast to pressure Iran amid truce talks. The ban is set to take effect in 30 days, though the bank is currently reviewing the notice. π