24 Hrs
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الاقتصادية
Treasury action on Bank Egypt Emirates over Iran links
The article focused on the proposal by the U.S. Department of the Treasury to prevent financial institutions from opening or maintaining correspondent banking accounts for Banque Misr Emirates, as part of its efforts to cut off the financial artery Iran uses to fund its activities and evade sanctions. The Central Bank of Egypt confirmed that this measure is limited to transactions between Banque Misr’s Emirates branch and its correspondents in US dollars only and does not affect other branches of the Egyptian bank inside or outside Egypt. The U.S. Treasury estimates that Banque Misr Emirates handled approximately $1.8 billion in transactions between January 2024 and June 2026 for companies believed to be linked to Iran, aiming to finance Iranian activities and circumvent international sanctions. Additionally, the U.S. Treasury announced sanctions against an official from Bank Melli Iran involved in transferring funds to entities loyal to Iran, as part of its efforts to tighten the noose around financial networks supporting Iran’s illegal activities. The proposed measure is currently open for a 30-day public comment period and aims to limit Iran’s ability to access the global financial system through its parallel financial networks.
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