The administration announced that Banque Misr UAE will lose correspondent banking access to the US financial system.
The administration announced that Banque Misr UAE will lose its correspondent banking access to the US financial system, a move intended to pressure the Iranian regime. The US Treasury Department's Financial Crimes Enforcement Network (FinCEN) proposed a rule to revoke this access, targeting Egypt’s second-largest bank for its role in supporting Iran's shadow-banking network. Scott Bessent, the US Secretary of the Treasury, stated that the bank processed approximately $1.8 billion for 103 companies potentially part of Iran's shadow banking network between January 2024 and June 2026. The move is part of 'Operation Economic Outcast,' a campaign to isolate Tehran economically. While the bank is reviewing the notice, the UAE central bank has launched an investigation into its operations. Iran has rejected the sanctions, with Economy Minister Ali Madanizadeh claiming they will fail. Analysts suggest that while military force has not yet delivered a quick victory, the administration's shift toward economic warfare underscores the strategy to suffocate the Iranian regime's revenue streams.