Egyptian independent publication “Medi Misr” reported that five branches of “Misr Bank” in the United Arab Emirates were sanctioned by the United States, amid Cairo’s efforts to obtain petrochemical products from Iran.

The U.S. Treasury Department has accused these branches of processing about $1.8 billion in transactions for companies that may be part of the Islamic Republic’s shadow banking network.

According to “Medi Misr,” the end of Egypt’s access to cheap Saudi fuel, the debt crisis, and a shortage of foreign currency pushed Cairo toward finding alternative sources, and Egypt began receiving petrochemical products from Iran in May 2025. Payment for one of these shipments put the Egyptian state bank at risk of action by the United States.

The outlet wrote that after the payment route via SWIFT was blocked, Misr Bank carried out a $150 million transfer through the Chinese system CIPS, but that transaction was also identified.

Egyptian and Emirati central banks have begun investigating the activities of Misr Bank’s branches. Egyptian officials are also concerned that the investigations will expand to other accounts and banks that played a role in similar payments.