WASHINGTON: The Treasury Department is due to cut off a major Egyptian bank’s operations in the United Arab Emirates from the US financial system, an official confirmed Friday, as Washington pushes to choke Iran off economically.
The move impacts UAE branches of Egypt’s second biggest bank, Banque Misr, blocking their banking access to US financial institutions.
US Treasury Secretary Scott Bessent laid out plans this week for Iran’s “economic asphyxiation,” six months into a war on Tehran that is now locked in a stalemate.
The Treasury Department’s action will only take effect after a month-long public comment period.
In a statement first reported by the Financial Times, Bessent said Washington has “warned that Iran’s enablers cannot continue to enjoy access to the US dollar and the global financial system.”
