US to sanction UAE arm of Egypt's Banque Misr over Iran shadow banking links

The US Treasury is set to sanction Banque Misr UAE, the Emirates-based arm of Egypt's state bank, for processing roughly $1.8 billion over two years on behalf of around 100 companies allegedly linked to Iran's shadow banking network. The move is part of Washington's broader effort to cut Tehran off from global financial flows. Banque Misr UAE is accused of helping Iran circumvent existing sanctions.