U.S. Treasury Targets UAE Branch of Egypt’s Banque Misr in Iran Sanctions Push

On August 24, the U.S. Treasury Department announced that the United Arab Emirates branch of Egypt’s state-owned Banque Misr will lose its correspondent-banking access to U.S. financial institutions. The Treasury said the branch had processed roughly $1.8 billion over the past two years for about 100 companies that may be part of Iran’s shadow-banking network. In the same action, the Treasury blacklisted Reza Mohammad Taeedi, the regional manager of Iran’s Bank Melli in Dubai, and sanctioned Hong Kong-based Kameng Trading Limited for alleged money-laundering for an Iranian exchange house.

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The move is part of “Operation Economic Outcast,” a sanctions campaign launched earlier this week by Treasury Secretary Scott Bessent. The operation follows a six-month U.S.–Iran conflict and adds to a broader list of more than 60 entities across the Middle East, Asia, and Europe that were designated on August 24. Sectoral designations now cover digital assets, technology, gold, aviation and shipping, expanding the reach of secondary sanctions on third-party actors.

Iran faces new US sanctions targeting 60+ entities in ‘economic D-Day’ campaign

• $1.8 billion processed by Banque Misr UAE for roughly 100 companies linked to Iran’s shadow banking.

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• The proposed rule will be open for a 30-day public comment period before it takes effect.

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• Treasury’s broader campaign has, since 2025, sanctioned over 1,000 people, vessels and aircraft connected to Iran.

Iran faces new US sanctions targeting 60+ entities in ‘economic D-Day’ campaign

• Iran’s rial fell to a record 2.02 million per U.S. dollar shortly after the August 24 announcements, reflecting heightened currency pressure.

Iran faces new US sanctions targeting 60+ entities in ‘economic D-Day’ campaign

banks to take “reasonable steps” to avoid processing related accounts. President Donald Trump later described the overall sanctions campaign as the economic equivalent of the World War II D-Day invasion, underscoring the administration’s view of the measures as a decisive escalation.

Iran faces new US sanctions targeting 60+ entities in ‘economic D-Day’ campaign

Iranian Economy Minister Ali Madanizadeh told the Fars News Agency that U.S. sanctions “are not new” and that Iran has programs to counter them, implying the new measures will fail. Former U.S.

Iran faces new US sanctions targeting 60+ entities in ‘economic D-Day’ campaign

• “If they facilitate transactions and are part of the ecosystem that turns Iranian oil into money, into repression, they will be targeted,” — Scott Bessent, treasury secretary

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• “Every country has a defined timeline to shut down activities we have identified,” — Scott Bessent, treasury secretary

Iran faces new US sanctions targeting 60+ entities in ‘economic D-Day’ campaign

• “Every branch of Bank Melli must be shuttered and dark,” — Scott Bessent, treasury secretary

Iran faces new US sanctions targeting 60+ entities in ‘economic D-Day’ campaign

Treasury officials describe the action as the first use of a FinCEN correspondent-banking rule to target a foreign branch, while other outlets note that the sanction fits within a larger, already-underway list of over 60 entities. No immediate comment was received from Banque Misr’s UAE branch, leaving the bank’s response undocumented.

The proposed rule will undergo a 30-day comment period before implementation. Treasury Secretary Bessent is scheduled to attend the Group of 20 finance ministers’ meetings next week, where he will seek broader international participation in the economic isolation of Iran. No specific enforcement timeline beyond the comment period has been disclosed.

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