Forex
US Targets Egyptian Bank's UAE Branches in Iran Sanctions Push
The US Treasury Department has proposed a new rule to sever access to the US financial system for the Emirati branches of Banque Misr, Egypt's second-largest bank.
This move is part of a broader campaign to isolate Iran economically, as the six-month mark of the US-Iran war approaches.
The Trump administration has accused Banque Misr of serving as an economic lifeline for Tehran's leadership.
Treasury Secretary Scott Bessent stated that 'Iran's enablers cannot continue to enjoy access to the US dollar and the global financial system.'