Banque Misr, Egypt’s second-largest, hit by US sanctions: What to know

The United States has decided to cut off Banque Misr's operations in the UAE from the US financial system, accusing the Egyptian bank of doing business with the Iranian government. US Treasury Secretary Scott Bessent stated that this measure aims to hold the bank accountable for its support of Iran. Banque Misr announced it is reviewing the US Treasury's notice, as the sanctions are part of a broader campaign to exert economic pressure on Iran.