Banque Misr faces potential US restrictions over alleged Iran links

Egyptian lender Banque Misr said it plans to hold talks with the US Treasury Department over possible restrictions on dollar-denominated correspondent banking services for its branch in the United Arab Emirates, while stressing that no final decision has been made.

According to Iran International, the US Treasury has proposed restricting the UAE branch’s access to US financial institutions over transactions that Washington links to Iranian “shadow” banking networks.

The Treasury estimates that about $1.8 billion flowed through the branch between January 2024 and June 2026 on behalf of 103 companies allegedly connected to Iran.

Banque Misr said the published document is only a notice of proposed rulemaking and provides a period during which objections can be submitted.

Any potential restrictions would apply solely to the bank’s UAE branch and would not affect Banque Misr’s headquarters in Egypt or its branches in other countries.

The UAE branch remains fully operational, the bank said.

By Tamilla Hasanova