US targets Egyptian bank’s UAE branches under new push for Iran’s economic isolation
Summary
The U.S. Treasury Department has proposed a new rule to cut off the Emirati branches of Egypt’s Banque Misr from the U.S. financial system. This move is part of a broader effort led by Treasury Secretary Scott Bessent to pressure countries to stop doing business with Iran’s government.Key Facts
- The U.S. targets Banque Misr’s branches in the United Arab Emirates (UAE) for supporting Iran’s leadership financially.
- The proposed rule would block these branches from using the U.S. financial system after a 30-day public comment period.
- The U.S. has not fully sanctioned the Egyptian bank to avoid upsetting major trade partners like China and India.
- Treasury Secretary Scott Bessent announced a campaign to isolate Iran economically by encouraging other countries to cut ties.
- Bessent emphasized wanting countries to shift away from Iran without disrupting the global financial system.
- The Treasury Department also sanctioned a manager of Iran’s Bank Melli in Dubai and a Hong Kong firm accused of helping Iran launder money.
- Bessent plans to discuss Iran’s economic isolation during the upcoming Group of 20 finance ministers meetings.
- This action comes as the U.S.-led campaign against Iran reaches six months.
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