US sanctions on Bank of Egypt-Emirates

The United States has imposed sanctions on the branches of Bank of Egypt in the UAE due to their dealings with Iran. Transactions from these branches between January 2024 and June 2026 amounted to approximately $1.8 billion, involving potentially linked companies associated with Iran's regime. The Treasury Department confirmed that these sanctions aim to sever the Iranian financial network through the U.S. financial system, while allowing the bank to continue its operations in Cairo and its other branches outside the UAE. The Central Bank of Egypt stated that the measures are limited to dollar transactions at the UAE branch and do not affect Egyptian banks or their other branches. Meanwhile, the Treasury described the UAE branches as a key conduit for supplying Iran with U.S. dollars.

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