US hits Egyptian bank branches with Iran sanctions as war marks six months

The U.S. imposed Iran-related sanctions on an Egyptian bank on Friday, part of Treasury Secretary Scott Bessent's campaign to increase economic pressure to try to break a stalemate six months into Washington's war with Iran.

Treasury said it ​moved to cut off Banque Misr's branches in the United Arab Emirates from dollar transactions for ​its dealings with Iran. In a statement, it said its Financial Crimes Enforcement Network (FinCEN) ⁠proposed a rule that would revoke Banque Misr UAE’s correspondent banking access to U.S. financial institutions.