US Sanctions Egyptian Bank Misr Branches in UAE Over $2 Billion Iran Money Laundering

The US Treasury Department has imposed sanctions on the United Arab Emirates branches of Egypt's Misr Bank, the country's second-largest bank, accusing them of laundering approximately $2 billion for Iran over the past two and a half years. These sanctions are part of a broader US campaign to economically isolate Iran. The restrictions specifically target Misr Bank's UAE operations and do not extend to its branches in Egypt or elsewhere.