Pigeons fly over Banque Misr's headquarters, Egypt's second largest bank, which is state-owned, in Feb. 2023, in Cairo. (Credit: AFP archive photo)
"You are either with us or you're with the Iranians," warned U.S. Treasury Secretary Scott Bessent on Sunday, Aug. 30. A few days after launching Operation Economic Outcast to choke Iran's economy, Bessent warned that new sanctions would be imposed every week. "We're starting with the banks, and we're telling the banks it's not okay to have Iranian money and to aid the regime," he told Reuters, threatening to cut off entire institutions from the financial system that relies on the U.S. dollar. Against this backdrop, the U.S. Treasury had already issued a notice on Friday, Aug. 28 aimed at cutting off the Emirati branches of the Egyptian Banque Misr from any U.S. correspondent bank, directly or indirectly, effectively barring them from access to the dollar. The measure is set to take effect after...
"You are either with us or you're with the Iranians," warned U.S. Treasury Secretary Scott Bessent on Sunday, Aug. 30. A few days after launching Operation Economic Outcast to choke Iran's economy, Bessent warned that new sanctions would be imposed every week. "We're starting with the banks, and we're telling the banks it's not okay to have Iranian money and to aid the regime," he told Reuters, threatening to cut off entire institutions from the financial system that relies on the U.S. dollar. Against this backdrop, the U.S. Treasury had already issued a notice on Friday, Aug. 28 aimed at cutting off the Emirati branches of the Egyptian Banque Misr from any U.S. correspondent bank, directly or indirectly, effectively barring them from access to the dollar. The measure is set to take effect...
