The United States has proposed cutting five United Arab Emirates-based branches of Egypt’s state-owned Banque Misr from the US financial system over alleged assistance to Iran’s sanctions-evasion networks. Treasury announced the measure on Aug. 28, days after Secretary Scott Bessent unveiled an economic D-Day campaign targeting Tehran’s enablers. The restriction would block the branches from using US correspondent banks for dollar transactions, while leaving Banque Misr’s Egyptian operations and other overseas branches unaffected. FinCEN estimates the UAE branches processed about $1.8 billion between January 2024 and June 2026 for 103 companies potentially linked to Iranian shadow banking networks. The proposal is subject to a 30-day public comment period, during which Banque Misr and regulators in Egypt and the UAE can coordinate with Washington and address the alleged misconduct. Treasury said it could reconsider the measure if the bank credibly reforms its operations. Banque Misr is reviewing the notice, Egypt’s central bank and Foreign Ministry are engaging with US authorities, and the UAE central bank has ordered a special and urgent examination of the branches. The action forms part of Operation Economic Outcast, a broader US campaign that includes sanctions on people and entities accused of helping Iran generate oil revenue, procure weapons, conduct cyber operations and access international finance. Iran has rejected the sanctions, while analysts cited in the existing account disagree over whether they will significantly pressure Tehran.