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The Economic Times

National / The Economic Times

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Hormuz will be bypassed in two years: Scott Bessent

The Treasury department has taken a more central role in recent weeks in the conflict, with Bessent announcing plans last week to expand sanctions on financial institutions and other entities that still do business with Iran. The US moved against United Arab Emirates branches of Egypt's second largest bank, Banque Misr, last week, but Bessent said Tuesday the US didn't want to sanction the main bank itself.

2 Sep 2026 12:24 am