New Delhi, Aug. 29 -- The Trump administration is taking steps to limit an Egyptian bank's operations in the United Arab Emirates, accusing the financial institution of serving as an economic lifeline to Tehran's leadership as the U.S. war against Iran reaches the six-month mark.

Under a new rule proposed Friday by the Treasury Department, the Emirati branches of Banque Misr, Egypt's second-largest bank, would be severed from access to the U.S. financial system.

The move follows Treasury Secretary Scott Bessent's announcement this week of a new campaign to push countries that still do business with the already heavily sanctioned Islamic Republic to sever their financial ties or face retaliation from the United States.

The move follows ...