Secretary of the Treasury Scott Bessent speaks during a press conference at the Treasury Department Monday. Photo by Bonnie Cash/UPI | License Photo
Aug. 28 (UPI) -- Treasury Secretary Scott Bessent announced Friday that the United States is working to cut off bank branches in the United Arab Emirates from the U.S. financial system, part of his campaign to target financial systems that enable Iran.
The Department of the Treasury said it is proposing a rule that will ban U.S. banks from facilitating transactions involving the UAE-based branches of Banque Misr, one of Egypt's largest banks.
"Iran's enablers cannot continue to enjoy access to the U.S. dollar and the global financial system," Bessent said in a statement. "Banque Misr UAE decided to find out the hard way, and today, we are taking the first step in holding it accountable for its continued, egregious support of the Iranian regime."
Bessent on Monday announced a new pressure campaign called Operation Economic Outcast to force countries to sever ties with Iran.
