US plans new bank sanctions on Iran this week
The United States (US) is likely to announce new sanctions against an Iranian bank this week. Treasury Secretary Scott Bessent confirmed the planned measures on Tuesday. He said Washington could announce another bank sanction next week. The move forms part of a wider US campaign to increase economic pressure on Iran. Meanwhile, Washington is consulting […]
Chinese President Xi Jinping embarked on a historic visit to Egypt on Tuesday, amid mounting concerns about potential US sanctions targeting the Middle Eastern nation due to its financial ties to Iran. Xi was welcomed by Egyptian counterpart Abdel Fattah al-Sisi and his first lady, accompanied by a lively folk dance ensemble. The two-day visit aimed to navigate the aftermath of the ongoing Middle East conflict, sparked by US and Israeli strikes against Iran on February 28, which plunged the vital trade corridor into turmoil.
US authorities have threatened to impose harsh sanctions on Tehran's allies, potentially impacting Egyptian and Chinese financial institutions. As China's economic interests lie directly in the crosshairs of the US-Iran war, Chinese political science professor Gamal Salama noted that Beijing is positioning itself as a neutral mediator in the region, emphasizing its desire for a lasting ceasefire.
Meanwhile, Egypt, a longtime beneficiary of US military aid, cautioned against a regional escalation following a drone attack on one of its ports in July. Both nations are keen on leveraging each other's influence, with China relying on Egypt to broker peace talks between Israel and Palestinian factions, and Egypt seeking to balance its ties with the US and regional actors like China.
The visit underscores the strategic significance of Cairo for Beijing, which seeks to deepen its comprehensive partnership with Egypt, covering areas like artificial intelligence, transport, energy, and investment in the Suez Canal Economic Zone.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
