Treasury moves to sanction UAE branch of Egyptian bank over Iran ties

U.S. Treasury Secretary Scott Bessent speaks during a press conference at the Cash Room of the Treasury Department in Washington, D.C., on Aug. 24, 2026.Mehmet Eser | Anadolu | Getty ImagesThe Treasury Department on Friday moved to sanction the United Arab Emirates branch of an Egyptian bank over its financial ties to Iran.Treasury intends to revoke the access of Banque Misr UAE to U.S. financial institutions, the department said in a statement. Banque Misr UAE processed about $1.8 billion over the past two years for some 100 companies that are potentially part of Iran's shadow banking network, according to Treasury. The action comes four days after Treasury Secretary Scott Bessent launched "Operation Economic Outcast," a sanctions campaign that aims to sever all of Iran's economic ties around the world. Bessent said Monday that Treasury would make "a major announcement of a financial institution being sanctioned by the end of this week." President Donald Trump has described the sanctions campaign against Iran as the economic equivalent of D-Day, the Western allies' massive invasion of Nazi-occupied Europe during World War II. But Treasury's actions against the Islamic Republic hav...