UAE to Probe Banque Misr Branches After US Targets Bank Over Iran Ties
Washington says Egypt’s second-largest bank continued to support Iran, as the US expands its campaign to isolate Tehran from the global financial system
ERBIL (Kurdistan24) — The United Arab Emirates’ central bank said Saturday it would conduct an urgent inspection of branches of Egypt’s state-owned Banque Misr in the UAE, days after Washington moved to cut the bank’s UAE operations off from the US financial system over alleged support for Iran.
The Central Bank of the UAE said the examination would include a forensic and in-depth review of Banque Misr’s activities during the period referenced by US authorities.
“For Banque Misr branches in the UAE, the Central Bank has decided to conduct a special and urgent examination that includes a forensic/in-depth lookback covering the period referred to in the statement issued by the US authorities,” the central bank said.
The move follows a statement Friday by US Treasury Secretary Scott Bessent, who said Washington was targeting institutions that help Iran maintain access to international finance.
“Iran’s enablers cannot continue to enjoy access to the US dollar and the global financial system,” Bessent said.
He accused Banque Misr, Egypt’s second-largest bank, of continuing to support the Iranian government, saying the bank had “decided to find out the hard way” and that Washington was taking the “first step” toward holding it accountable.
The US Treasury Department’s action is not yet immediately effective. It will take effect following a month-long public comment period, according to the department.
The action represents another escalation in Washington’s broader effort to restrict Iran’s access to the international financial system and impose economic costs on entities accused of facilitating Tehran’s activities.
The financial pressure comes as the Middle East remains engulfed in a wider conflict following US-Israeli strikes against Iran that began in late February. Tehran retaliated by severely restricting maritime traffic through the Strait of Hormuz, one of the world’s most important energy corridors.
The disruption has placed additional pressure on global energy markets, with oil prices surging amid concerns over the security of supplies passing through the strategic waterway.
Bessent has described Washington’s campaign against Iran as an “economic D-Day,” warning governments and financial institutions that they could face serious consequences if they continue doing business with Tehran or entities supporting its economy.
The UAE central bank’s decision to conduct its own forensic examination signals that Washington’s financial campaign against Iran could have consequences well beyond US sanctions, potentially prompting regional financial authorities to scrutinize institutions accused of maintaining links with Tehran.