US to Sanction Additional Bank to Curb Iran Transactions, Bessent Announces

POLICY WIRE — Asheville, North Carolina — The Trump administration is set to announce sanctions on an additional bank this week as part of its strategy to limit Iran’s financial transactions, according to Treasury Secretary Scott Bessent. He disclosed this during an interview with The Associated Press prior to the Group of 20 meetings in Asheville.

Bessent will engage in individual discussions with economic leaders from major and developing nations to promote the economic isolation of Iran. This could be considered financial violence if necessary, Bessent stated. We are demonstrating our awareness of your actions, and you should be aware of yours. This must cease.

Recently, Bessent launched a campaign urging countries that continue to trade with the heavily sanctioned Islamic Republic to cut financial ties or risk U.S. retaliation. The Treasury’s initial move in this campaign was a proposed rulemaking on Friday, aiming to cut off the Emirati branches of Banque Misr, Egypt’s second-largest bank, from the U.S. financial system.

Although the Republican administration has not yet sanctioned the Egyptian bank, it seems hesitant to penalize major trading partners like China and India that conduct business with Iran. Bessent will meet with Chinese officials at the G-20 meeting, stating that “all options are on the table” regarding potential sanctions on Beijing for its ongoing purchases. However, he dismissed claims of reluctance, labeling them a completely false narrative that the media picked up on, and affirmed that both China and the U.S. concur on the necessity to reopen the Strait of Hormuz and prevent Iran from acquiring nuclear weapons.

Reporting by Policy-Wire (PW)