Bank of Egypt in UAE accused of Iran ties
The U.S. Treasury Department has imposed sanctions on the Egypt Bank branch in the UAE due to its alleged involvement in financial transactions totaling approximately $1.8 billion on behalf of companies suspected of being linked to Iranian shadow networks, during the period from January to June 2024. The department views the bank as a key link in Iran’s access to U.S. dollars through the global financial system, using front companies connected to the Ministry of Defense and the Islamic Revolutionary Guard Corps. This measure is part of a broader escalation of American pressure on the Iranian regime, aimed at disrupting its ability to deal in dollars and to combat money laundering. Egypt remains in contact with U.S. authorities in an effort to provide clarifications. The decision to impose sanctions on the Emirati branches is seen as a sign of the limits of Egypt’s financial independence and as a test of its capacity to manage its international relations—particularly given regional tensions and its relationships with major powers. The timing of this action is linked to the escalation of Washington and Tel Aviv’s relations with Ethiopia over the Grand Ethiopian Renaissance Dam issue.
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