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Story summary
- Treasury announced restrictions cutting Banque Misr’s UAE branch off U.S. financial system.
- The rule would revoke the UAE branch’s correspondent banking access to U.S. institutions.
- Treasury Secretary Scott Bessent said the action targets the bank’s egregious support of Iran’s regime.
- The move is part of Operation Economic Outcast, President Donald Trump’s plan to isolate Iran.
- Treasury also sanctioned Bank Melli manager Reza Mohammad Taeedi and a Hong Kong firm for laundering Iranian funds.
