Banque Misr, Egypt’s second-largest, hit by US sanctions: What to know
Summary
The US Treasury plans to cut off the UAE branches of Banque Misr, Egypt’s second-largest bank, from the US financial system. The US accuses these branches of helping Iran’s government access US dollars and evade sanctions.Key Facts
- The US Treasury will block Banque Misr’s UAE operations from using US banks for transactions.
- This move targets what the US calls Iran’s shadow banking networks linked to Iran’s government and military.
- The US Treasury estimates Banque Misr UAE processed about $1.8 billion between 2024 and 2026 for companies connected to Iran.
- The sanctions aim to stop Iran from using the US dollar and the global financial system for revenue.
- Banque Misr is reviewing the US proposal and says it will cooperate while continuing regular banking services.
- The Central Bank of Egypt and its Ministry of Foreign Affairs are in contact with US authorities about this issue.
- The US decision affects only the UAE branches of Banque Misr, not the bank’s other branches.
- The sanctions will take effect after a 30-day comment period.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
