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

The United States has said it will cut off the UAE operations of Banque Misr from the US financial system after accusing Egypt’s second-biggest bank of doing business with the Iranian government.“ Treasury promised to sever every economic lifeline Tehran has left and finally end the threat of the Iranian regime,” US Secretary of the Treasury Scott Bessent said in a statement on Friday.Recommended Stories list of 3 itemslist 1 of 3The home front: How Israel, Iran, and US leaders have been hit by the warlist 2 of 3Israel says Netanyahu’s son ‘urgently evacuated’ from the US after threatlist 3 of 3Iran’s Khamenei calls for Gulf unity as Hormuz tensions persistend of list“We also warned that Iran’s enablers cannot continue to enjoy access to the US dollar and the global financial system. Banque Misr UAE decided to find out the hard way, and today, we are taking the first step in holding it accountable for its continued, egregious support of the Iranian regime,” he said.Banque Misr said on Saturday that it was reviewing the US Treasury’s notice.The move, announced on Friday, comes as Washington has stepped up its efforts to economically pressure Iran, dubbed Operation Economic Outcast, ...