Egypt’s bank said it is reviewing a U.S. Treasury Department notice about restricting dollar banking services to the bank’s branch in the UAE.

The U.S. Treasury Department announced on Friday that it is barring the branches of Egypt’s bank in the UAE from dollar transactions due to dealings with the Islamic Republic.

Based on estimates by the ministry, the aforementioned branches processed about $1.8 billion in transactions between December 2023 and May 2026 for 103 companies with possible links to the Islamic Republic’s shadow banking networks.

According to the same statement, the customers of those branches include “front companies that the Iranian Ministry of Defense and the Islamic Revolutionary Guard Corps use to evade U.S. sanctions and to launder money by Mojtaba Khamenei, the leader of the Islamic Republic.”