The United States cuts off an Egyptian bank’s access to the dollar over allegations of helping Iran

🔸The U.S. Department of the Treasury said on Friday, September 6, that as part of an “economic removal operation” against Iran, the branches of Egypt’s “Bank Misr” based in the United Arab Emirates will have their access to U.S. banking services and the U.S. financial system revoked.

🔸Scott Bessent, U.S. Treasury Secretary, said in a statement on X: “The Treasury promised to cut off all remaining economic lifelines to Tehran and finally end the threat posed by the Iranian regime. We also warned that facilitators of Iran’s activities cannot continue to have access to U.S. dollars and the global financial system.”

🔸Bessent added: “Bank Misr in the UAE decided to test this warning at great cost, and today we take the first step toward holding this bank accountable for its continued and blatant support for the Iranian regime.”

🔸The U.S. Treasury Department says the bank—Egypt’s second-largest bank—is one of the key access points for the Islamic Republic of Iran to U.S. dollars.

🔸The Treasury Department estimates that from January 2024 to June 2026, this bank processed about $1.8 billion in financial transactions for 103 companies; companies which, according to the Treasury Department, may be part of Iran’s “shadow banking” network.

🔸The move comes as part of the U.S. government’s campaign to cut Iran’s access to international financial resources and increase pressure on the financial networks used by Tehran.

🔸The U.S. Treasury Department also announced that its Office of Foreign Assets Control (OFAC) has sanctioned Reza Mohammad Teyyidi, the branch manager in Dubai of Iran’s Bank Melli.

🔸The Treasury Department claims that Bank Melli Iran facilitated billions of dollars in financial transactions through accounts that were under the control of the Quds Force of Iran’s Islamic Revolutionary Guard Corps.

🔸According to the department, the Quds Force accounts at Bank Melli have also been used to finance groups and forces aligned with Iran, including in Iraq.

🔸Read the full report on the Radio Farda website.