US targets Egyptian bank and Hong Kong entities in new Iran sanctions

The proposed rule would effectively sever the UAE-based branches of Banque Misr from U.S. correspondent banking, a move intended to penalize the institution for its financial dealings with Tehran. Treasury Secretary Scott Bessent had signaled this escalation earlier in the week, warning that further punitive measures were imminent.

Beyond the banking sector, the Treasury Department expanded its reach by sanctioning an entity based in Hong Kong and an individual connected to Iran’s Bank Melli. These designations were formalized through a public notice on the department's website. While Washington continues to squeeze Iran's global financial footprint, Tehran has countered by urging international partners to resist the new U.S. directives.