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PoliticsUS blocks Egyptian bank from accessing dollars in first secondary sanctions
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The United States has applied its first secondary sanctions by blocking an Egyptian bank from accessing dollars due to its ties with Iran. This marks a significant escalation in US financial pressure, targeting a foreign bank for its connections to Iran. The action restricts the bank's ability to conduct dollar-denominated transactions, potentially impacting Egypt's financial sector and its economic relations with the US. The move underscores Washington's continued enforcement of sanctions against entities linked to Iran, even those outside of Iran itself.
Source report
The United States has imposed its first secondary sanctions targeting an Egyptian bank, blocking its access to U.S. dollars over alleged ties to Iran.
According to reports, the U.S. Treasury Department designated the Egyptian bank under secondary sanctions, effectively cutting it off from the U.S. financial system. The move prevents the bank from conducting transactions in U.S. dollars, a critical currency for international trade and finance.
The sanctions are linked to accusations that the bank facilitated financial activities connected to Iran, which remains under heavy U.S. sanctions. This marks a significant escalation in Washington's enforcement of secondary sanctions, which target entities outside the U.S. that engage in prohibited transactions with sanctioned countries or groups.
The action underscores the Biden administration's continued use of financial measures to pressure Iran and its alleged financial networks, even as diplomatic efforts regarding the nuclear deal remain stalled.
Source
zerohedgeNeutral / independent
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