The US Treasury Department has decided to cut off the UAE branches of Banque Misr, Egypt’s second-largest bank, from the US financial system. This move aims to pressure Iran to end ongoing conflicts in the Middle East. The decision targets the bank’s links with Iran’s shadow banking network, without imposing broad sanctions on the Egyptian banking sector. Markets anticipate a slight increase in the likelihood of Iranian President Masoud Pezeshkian’s departure, while the chances of a US-Iran nuclear deal remain very low, estimated at 0.2% by the end of August.
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