The US Treasury Department is set to revoke American financial access to branches of an Egyptian bank in the United Arab Emirates, a report from The Financial Times says.

The move, part of Washington’s economic pressure campaign, will cut off the Emirati branches of Egypt’s Banque Misr from banking access to US financial institutions, to block them from transacting in dollars, FT adds.

“Treasury promised to sever every economic lifeline Tehran has left and finally end the threat of the Iranian regime,” Treasury Secretary Scott Bessent says in a statement shared with the newspaper.

“We also warned that Iran’s enablers cannot continue to enjoy access to the US dollar and the global financial system. Banque Misr UAE decided to find out the hard way and, today, we are taking the first step in holding it accountable for its continued, egregious support of the Iranian regime.”