The Trump administration is moving to sever the United Arab Emirates branches of Banque Misr from the U.S. financial system. Under a new rule proposed Friday by the Treasury Department, the Emirati branches of Egypt's second-largest bank would be cut off from access to the system.
Washington is limiting the bank's operations in the UAE and accusing the financial institution of supporting Iran's leadership. The Treasury stated that Banque Misr UAE processed about $1.8 billion over two years for some 100 companies that are potentially part of Iran's shadow banking network.
The move is part of a wider effort by the U.S. to pressure Iran by cutting it off from the global financial system. These actions are intended to pressure Iran into ending the war in the Middle East.