UAE and Egypt collaborate on EgyptBank branches
Reports indicate that the UAE and Egypt are coordinating fully regarding the branches of Banque Misr in the UAE, following the U.S. Treasury Department's decision to restrict the Egyptian bank’s branch access to dollar correspondent services due to transactions linked to the Iranian shadow network. Both banks have confirmed that they are continuing to operate normally, with Banque Misr in the UAE taking necessary measures within the specified timeframe. Meanwhile, Banque Misr is studying the American sanctions procedures and maintaining communication with relevant authorities to ensure compliance and lawful dealings. These recent U.S. measures represent the first of their kind against Banque Misr in the UAE and aim to limit the Iranian regime's access to U.S. dollars.
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