Newsroom
Short, verified market news summaries; every item names its source and publication date.
US Treasury Proposes Cutting Banque Misr's UAE Branches From Dollar System Over Iran Ties
The US Treasury Department proposed a rule on Friday, August 28, 2026, that would cut the United Arab Emirates branches of Banque Misr, Egypt's second largest bank, off from the US dollar financial system. Treasury Secretary Scott Bessent said in a statement the move is a first step in holding the bank accountable for what he called its continued support for Iran's government. The proposed rule, subject to a thirty day public comment period, applies only to the UAE branches' dollar transfers and does not extend to Banque Misr's operations inside Egypt or its other overseas branches, the Central Bank of Egypt confirmed the same day. Also on Friday, the Treasury Department added the Dubai branch manager of Iran's Bank Melli, Reza Mohammad Taeedi, and a Hong Kong based firm called Kameng Trading Limited to its sanctions list, accusing them of helping launder funds for Iran. The actions are part of a new campaign Bessent announced this week to press countries that still do business with Iran to sever those financial ties.
Associated Press (AP)
UAE Suspends Trade and Financial Relations With Iran Until Further Notice
The United Arab Emirates' Ministry of Foreign Affairs said in a statement in the early hours of Wednesday, August 19, 2026 (28 Mordad 1405) that all trade activity, economic relations and financial transactions with Iran are suspended until further notice. According to Khabar Online, citing ISNA, the decision came hours after the UAE's Ministry of Defense claimed it had detected two Iranian ballistic missiles, which the ministry said had targeted maritime traffic and were not deliberately fired at the UAE. Esmail Baghaei, spokesperson for Iran's Foreign Ministry, rejected and denied the claim. The Al Alam news network also reported that the allegation of an Iranian missile attack on the UAE was untrue, noting that during the current war, Iran has publicly claimed responsibility whenever it has taken action. The developments follow an earlier UAE Defense Ministry warning that it had intercepted a missile threat over Dubai's skies on the evening of Tuesday, August 18 (27 Mordad).
Khabar Online, citing ISNA
