Treasury Proposes Sanctions on Banque Misr UAE Branch Over Iran Flows
U.S. Treasury proposes restricting Banque Misr UAE branch from dollar clearing for up to $1.8 billion in Iran-linked transactions processed 2024-2026.
The U.S. Treasury has proposed restricting the UAE branch of Banque Misr from accessing U.S. correspondent accounts. The measure would bar the branch from processing dollar transactions after it handled up to $1.8 billion in flows linked to Iranian entities between January 2024 and June 2026.
Scope and status
Treasury separately recorded roughly $9 billion in Iranian-linked funds moving through U.S. banks in 2024. The proposed restriction falls under Operation Economic Outcast and remains a proposal, not an active order. Banque Misr has stated it is cooperating with regulators and that its UAE operations continue without interruption.
Remaining unknowns
The three U.S. banks that maintained the correspondent accounts are not named. No breakdown of transaction types or specific counterparties has been released.