US Treasury Secretary Bessent on Monday: "The US is launching the single greatest financial offensive ever marshalled against an adversary" and a "major financial institution" is expected to be sanctioned this week over Iran. Bessent today, on Friday: Started a 30-day process to block dollar wiring at one Egyptian bank’s UAE branches, and blacklisted a Dubai branch manager plus a small Hong Kong shell company. The bank itself remains fully unsanctioned and can still conduct legal business. An unprecedented TACO.
The Hormuz Letter · View on X