The US Treasury on Friday announced plans to cut off Banque Misr's branches in the United Arab Emirates from the global financial system, as the Trump administration seeks to "asphyxiate" what it said were Iran's "enablers".

Banque Misr is Egypt's second-largest bank. Its Emirati arm will no longer be able to do business in US dollars as of 28 September, under the new plans.

The 30-day notification period is open for public comment, a process whereby the US government solicits messages of support or opposition that could potentially sway the decision.

"The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would revoke Banque Misr UAE’s correspondent banking access to US financial institutions. Treasury assesses that Banque Misr UAE is a critical node for the Iranian regime’s access to U.S. dollars," the Treasury said.