The Treasury Department proposed a rule on Aug. 28 to revoke an Egyptian bank’s branches’ access to U.S. financial institutions as the Trump administration targets Iran’s economic lifelines.
“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 on Friday. “We also warned that Iran’s enablers cannot continue to enjoy access to the U.S. dollar and the global financial system.”
In a Friday press release, the Treasury proposed revoking Banque Misr UAE’s access to financial institutions in the United States. The Treasury assessed that the Egyptian bank’s branches in the United Arab Emirates served as a “critical node” for Iran’s access to American dollars. …