GeopoliticsIMPORTANT
US Treasury set to sanction UAE branches of Egypt's second largest bank, "Banque Misr" for doing business with Iran, FT reports citing a Bessent statement
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The US Treasury plans to bar US correspondent accounts for Banque Misr UAE after a 30-day comment period, while also sanctioning Bank Melli's Dubai branch manager and a Hong Kong firm.
News detail
To also impose sanctions on the general manager of the Dubai branch of Iran’s Bank Melli and a Hong Kong-based company. Actions on the Egyptian bank are set to take effect after a 30-day public comment period. Treasury said it would bar US financial institutions from “opening or maintaining a correspondent account for, or on behalf of, Banque Misr UAE”.
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