US Treasury to sanction another bank as pressure on Iran intensifies

The United States plans to add another bank to its sanctions list this week, Treasury Secretary Scott Bessent told the Associated Press, though he did not disclose the institution's name. The move follows recent actions that cut the United Arab Emirates-based Basque Misr from the U.S. financial system after accusations that Egypt’s second-largest bank facilitated transactions for Tehran.

"This is going to be financial violence if we have to," Bessent said, adding that the U.S. is identifying entities that support Iran and demanding they cease such activities.

Bessent indicated that future steps could include fully disconnecting targeted institutions from the dollar-based system, and he warned that similar measures are likely to increase weekly. He made the remarks ahead of a Group of Twenty finance ministers’ meeting in Asheville, North Carolina, where he intends to urge global counterparts to coordinate pressure on Iran.

The sanctions campaign, described by the Treasury as “Operation Economic Outcast,” follows last week’s designation of nearly 60 individuals and entities alleged to help Iran generate oil revenue, acquire weapons, and conduct cyber operations. Iran’s finance minister, Ali Madanizadeh, dismissed the sanctions as ineffective.

Violence in the region escalated on Sunday when Iran launched missiles at two U.S. bases in Jordan after a U.S. strike on Larak Island in southern Iran. Bessent also said he would discuss possible actions with Chinese officials at the G20 meeting, emphasizing that all options remain on the table regarding Beijing’s trade with Tehran. He rejected claims that the United States is hesitant to confront China, calling such reports a false narrative.