Banque Misr UAE transferred $1.8B to Iran since 2025: US Treasury Secretary
· Egyptian market news · MISR
Banque Misr UAE has transferred more than $1.8 billion to Iran since 2025, Treasury Secretary Scott Bessent said before the House Financial Services Committee.
Bessent affirmed: “Two weeks ago, we sanctioned the branches of the Egyptian bank in Dubai, and it will be closing.”
This came as the EU cut off financial transactions and trade with Iran.
In August, the US Department of the Treasury issued a proposal concerning a regulatory rule that would impose a special measure relating to Banque Misr UAE.
Banque Misr previously said it remains fully supportive of its UAE branches and is committed to protecting the rights and interests of its customers, reaffirming its commitment to maintaining full cooperation with all relevant regulatory authorities.