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Basisant to expand Iran sanctions weekly
The U.S. Department of the Treasury announced that it will reveal new secondary sanctions weekly to increase economic pressure on Iran, initially focusing on banks. After imposing sanctions on an Egypt Bank branch in the UAE due to financial ties with Iran, the minister clarified that the next step could be completely isolating a financial institution from the dollar-based financial system. The new measures will include warnings to banks not to hold Iranian funds or assist the Iranian regime, with insistence on the need to cut economic relations with Iran to avoid secondary sanctions.
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