US to set limits on Egyptian bank in effort to pressure Iran: official
The move is part of Washington’s wider effort to pressure Iran by cutting it off from the global financial system.
The US Treasury Department plans to restrict the operations of a major Egyptian bank, Banque Misr's UAE branches, from the US financial system, according to an official. This move is part of Washington's strategy to put pressure on Iran by cutting it off from the global financial system. Treasury Secretary Scott Bessent stated that Iran's supporters should not be able to continue benefiting from access to the US dollar and global financial system.
The Treasury Department's action will take effect after a month-long public comment period. Banque Misr's UAE operations will be limited to transactions with correspondents in US dollars only. The US Treasury Department also announced sanctions on the manager of the Dubai branch of Iran's Bank Melli and a Hong Kong-based front company involved in laundering funds for a sanctioned Iranian exchange house.
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Also reported by 2 other outlets
- US cuts off major Egyptian bank from global financial system middleeasteye.net
- Iran seeks diplomacy, demands end to US pressure punchng.com
