The US Treasury Department has imposed restrictions on an Egyptian bank for conducting business with Iran, as part of Operation Economic Outcast launched in August 2026. This campaign dramatically expands the scope of secondary sanctions, targeting foreign financial institutions that facilitate Iran-related transactions. The measures can include restrictions on correspondent accounts in US dollars. Previously sanctioned entities include Egyptian businessman Hatem Elsaid Farid Ibrahim Sakr and Nefertiti Shipping, a company linked to Iranian logistics networks. The Treasury has also broadened its sanctions framework to encompass digital assets, gold, technology, aviation, and shipping.
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