US to restrict UAE branches of Banque Misr from financial system over alleged support for Iran
The US Department of the Treasury plans to cut off the operations of the UAE branches of Egyptian bank Banque Misr from the American financial system. This is part of Washington’s campaign to increase economic pressure on Tehran amid six months of war with Iran, CBS News reports.
US Treasury Secretary Scott Bessent said the department seeks to cut off all economic channels remaining to Tehran. He accused Banque Misr UAE of continuing what he described as blatant support for the Iranian regime.
The US also announced sanctions against Reza Mohammad Taidi, head of the Dubai branch of Iran’s Bank Melli, and Hong Kong-registered Kameng Trading Limited. The US Treasury said the company was a front for money laundering for a sanctioned Iranian exchange house.
Iran’s and China’s positions
Iran’s Ministry of Foreign Affairs called the new US sanctions economic terrorism and said they violate the country’s sovereignty and the UN Charter. Iranian Foreign Minister Abbas Araghchi had previously made similar accusations in a letter to UN Secretary-General António Guterres.
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Chinese officials said they would not comply with US sanctions against Iran. Chinese Foreign Ministry spokesperson Lin Jian stressed that Beijing opposes unilateral sanctions without a basis in international law and approval by the UN Security Council. According to him, economic warfare and maximum pressure only intensify conflicts. Before the war began, Iran exported millions of barrels of oil daily, mainly to China.
Situation in the Strait of Hormuz
US Central Command reported that after the naval blockade was resumed on July 14, 75 vessels bound for or departing Iranian ports changed course. US President Donald Trump said that because of the blockade, Iran had not moved a single ship through.
At the same time, the UN International Maritime Organization reported that around 6,000 seafarers on 400 vessels are still unable to leave the Strait of Hormuz area. According to the organization, at least 19 seafarers have been killed in the region since February 28. CENTCOM chief Admiral Brad Cooper said internationally recognized transit routes have been cleared of Iranian naval mines, but vessels continue to request direct US military escort.
