The UAE central bank said Saturday it would inspect Banque Misr's branches after the US hit it with sanctions for allegedly dealing with Iran
The UAE central bank said Saturday it would inspect a major state-owned Egyptian bank's branches, after Washington said it would cut off the institution's operations in the Gulf state from the US financial system as it tries to choke Iran off economically.
"For Banque Misr branches in the UAE, the Central Bank has decided to conduct a special and urgent examination that includes a forensic/in-depth lookback covering the period referred to in the statement issued by the US authorities," it said in a statement.
The move comes after US Treasury Secretary Scott Bessent said Friday in a statement that Iran's "enablers cannot continue to enjoy access to the US dollar and the global financial system".
He said Banque Misr, Egypt's second-largest bank, in the UAE had "decided to find out the hard way" and Washington was "taking the first step in holding it accountable for its continued, egregious support of the Iranian regime".
The Treasury Department's action will only take effect after a month-long public comment period.
US-Israel strikes targeting Iran from late February sparked Tehran's retaliation in blocking most traffic through the Strait of Hormuz, while plunging the Middle East into war.
The waterway is a crucial route for global energy transit, sending global oil prices rocketing.
Bessent has vowed that the US is declaring an "economic D-Day" on Iran, warning of harsh consequences for countries that do not join the campaign.
(AFP)
