White House blocks Egyptian bank from accessing USD over "Iran ties"
Washington says it is imposing crippling sanctions on all entities transacting with Iran, but no sanctions on China, Tehran's largest trade partner, have been announced.
The US Treasury Department is set to revoke access to the US financial system for branches of an Egyptian bank in the UAE as part of its newest effort to strangle Iran with economic sanctions, the Financial Times (FT) reported on 28 August.
The US Treasury said on Friday that it would target the UAE branches of Egypt's Banque Misr over their business dealings with Iran, cutting off the branches' access to US financial institutions and preventing them from transacting in dollars.
"Treasury promised to sever every economic lifeline Tehran has left and finally end the threat of the Iranian regime," Treasury Secretary Scott Bessent said in a statement shared with FT...
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