The US Treasury on Friday announced plans to cut off Banque Misr’s branches in the United Arab Emirates from the global financial system, as the Trump administration seeks to “asphyxiate” what it said were Iran’s “enablers”.
Banque Misr is Egypt’s second-largest bank. Its Emirati arm will no longer be able to do business in US dollars as of 28 September, under the new plans.
The 30-day notification period is open for public comment, a process whereby the US government solicits messages of support or opposition that could potentially sway the decision.
“The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would revoke Banque Misr UAE’s correspondent banking access to US financial institutions. Treasury assesses that Banque Misr UAE is a critical node for the Iranian regime’s access to U.S. dollars,” the Treasury said.
So it’s not Banque Misr, it’s just their UAE branch? I’m… not sure what that’s supposed to accomplish - as I understand the mid east financial landscape, this isn’t going to particularly impact Iran, especially with this dipshit 30 day window that completely demolishes any credibility their claim might have had. What a fucking random move…
So they’ll just go all in on the yuan? That’s going to help American economic hegemony.
Wait shit. They used the SWIFT hammer on a bank? That’s big
US doesn’t have international policy that isn’t dictated by Israel
Those files are making the dude tap dance like nobody’s business.
Canada’s current scuffle with the pedo in chief is a sign of things to come worldwide. The US-MAGA foreign policy approach is… Non consensual.
The USA may be blocking Egypt today. But soon the rest of the world will have little choice but to begin sanctioning America.
Not sure what this will accomplish exactly. It’s a branch, not the main office. Unless they extend this to all branches including Egyptian ones then they’re just inconveniencing people.
The us giving a public comment period is not typical as I understand it.
The sanctions regime is opaque, there is no appealing a decision, it’s made. That is why no one will trade in food and medicine with the disfavoured countries, they don’t want to end up on the list. It’s not fair and there are no checks on the USG, (us government.)
Hm I don’t know, this feels a little like a fig leaf to justify their grand rhetoric about an “economic d-day”.
It’s like they want to sell voters on “look how crazy that was we even brought down the hammer on Egyptians who were sanction busting!” even though it’s barely anything, and specifically nothing relating to any powerful players that really matter.
Sounds lime a good time for countries to start dumping US treasury bonds. Lest you get attacked by the US and then can’t use them
The dollars just paper it’s not worth the shit I wipe my ass with, thanks pedophile trump
I’ll take yours then, thank you
