US due to cut off UAE branches of Egypt’s Banque Misr over Iran ties

US efforts to choke Iran’s economy are starting to come into effect and a major Egyptian bank is feeling the heat.

Branches of Egypt’s Banque Misr in the United Arab Emirates are due to be cut off from the American financial system, the US Treasury department said on Friday.

The US Treasury Secretary Scott Bessent laid out plans this week for what he called Iran’s “economic asphyxiation,” and said Banque Misr was being…