U.S. Treasury to sanction another bank as pressure on Iran intensifies

The United States plans to impose sanctions on another bank this week, according to Treasury Secretary Scott Bessent, as part of a broader effort to economically isolate Iran while truce negotiations remain deadlocked. Bessent did not reveal the bank’s name but warned that the sanction could eventually cut the institution off from the dollar-based financial system. This step follows a recent decision to block the United Arab Emirates operations of Egypt’s second-largest bank, Basque Misr, after accusations of facilitating Iranian transactions.

Last week, the Treasury added nearly 60 individuals and entities to a sanctions list for supporting Iran’s oil revenue, weapons procurement, and cyber activities, a move rejected by Iran’s finance minister Ali Madanizadeh. The Treasury chief will meet G20 finance leaders in Asheville, North Carolina, and intends to press Chinese officials on possible measures against Beijing for its trade with Tehran. He also emphasized that the United States and China share concerns about reopening the Strait of Hormuz and preventing Iran’s nuclear ambitions.