U.S. Plans New Sanctions On Iran
15 hours ago
The Trump administration plans to sanction another bank this week as it intensifies its campaign to financially isolate Iran and crack down on institutions facilitating transactions with Tehran.
Treasury Secretary Scott Bessent said the administration is beginning its latest pressure campaign with banks and could announce additional measures on a weekly basis. Bessent did not identify the institution expected to be targeted next.
The move follows Treasury action Friday targeting the United Arab Emirates branches of Egypt’s Banque Misr. The Treasury Department says the branches processed billions of dollars in transactions connected to the Iranian government.
Bessent is in Asheville, North Carolina, for meetings with G20 finance ministers and central bank governors. He plans to urge other countries to cut financial ties with Iran or potentially face secondary U.S. sanctions.
The administration has dubbed its broader economic campaign “Operation Economic Outcast,” aimed at restricting Iran’s access to the international financial system and reducing revenue available to the regime.
The renewed economic pressure comes as hostilities between the United States and Iran flared again Sunday following a month-long lull in direct military action.
Treasury Secretary Scott Bessent said the administration is beginning its latest pressure campaign with banks and could announce additional measures on a weekly basis. Bessent did not identify the institution expected to be targeted next.
The move follows Treasury action Friday targeting the United Arab Emirates branches of Egypt’s Banque Misr. The Treasury Department says the branches processed billions of dollars in transactions connected to the Iranian government.
Bessent is in Asheville, North Carolina, for meetings with G20 finance ministers and central bank governors. He plans to urge other countries to cut financial ties with Iran or potentially face secondary U.S. sanctions.
The administration has dubbed its broader economic campaign “Operation Economic Outcast,” aimed at restricting Iran’s access to the international financial system and reducing revenue available to the regime.
The renewed economic pressure comes as hostilities between the United States and Iran flared again Sunday following a month-long lull in direct military action.