🔻Egypt’s bank says it will take action against the U.S. Treasury’s decision to impose sanctions

🔻Egypt’s bank says it will take action against the U.S. Treasury’s decision to impose sanctions

“Egypt’s Bank” one of the largest banks in Egypt, said it will take action against the decision of the U.S. Treasury Department to revoke the access of this bank’s branches in the United Arab Emirates to the United States’ financial system.

In a statement, the bank said its UAE branch will continue to provide banking services to customers in accordance with the relevant laws and procedures.

The U.S. move against Egypt’s bank was among Washington’s first publicly announced actions in an effort to isolate Iran’s economy and was set to be implemented within 30 days.

The U.S. Department of the Treasury had announced that, due to financial dealings by Egypt’s bank branches in the United Arab Emirates with Iran and support for the Iranian government, it would cut off these banks’ access to the U.S. financial system.

Egypt’s bank now says it will carry out the necessary legal and regulatory actions and will contact the U.S. Treasury Department within the set timeframe.

On Friday, the Central Bank of Egypt announced that the Iran-related sanctions that the U.S. imposed on “Egypt’s Bank” only affected this bank’s branches in the United Arab Emirates and do not include any other banks in Egypt.