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

The 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 told reporters Monday that Treasury would make "a major announcement of a financial institution being sanctioned by the end of this week."

This is a developing story. Please check back for updates.