Treasury Moves to Sanction UAE Branch of Egyptian Bank Over Iran Ties
Banque Misr UAE processed about $1.8 billion over two years for some 100 companies that are potentially part of Iran's shadow banking network, Treasury said.
TL;DR
- The Treasury Department is sanctioning the UAE branch of Banque Misr, an Egyptian bank.
- The action is due to the bank's financial ties with Iran, processing about $1.8 billion over two years for potentially Iranian shadow banking network companies.
- This move is part of Treasury Secretary Scott Bessent's "Operation Economic Outcast" campaign to sever Iran's worldwide economic connections.
- Treasury also blacklisted Iranian national Reza Mohammad Taeedi and Hong Kong entity Kameng Trading Ltd. for alleged money laundering activities for Iran.
- Treasury stated that "no one is above the reach of U.S. sanctions" if they facilitate transactions that benefit Iran.