DistantNews
Support us
U.S. plans to sanction another bank in effort to curb Iran transactions, Bessent tells AP
🇺🇸 United States /Conflict & Security

U.S. plans to sanction another bank in effort to curb Iran transactions, Bessent tells AP

From PBS NewsHour · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

Newswire Named sources Ongoing story
  • The Trump administration plans to sanction another bank this week as Washington intensifies efforts to isolate Iran financially, Treasury Secretary Scott Bessent told AP.
  • Bessent said the United States could consider sanctions against China over its purchases of Iranian oil, while U.S. forces also struck Iranian rocket launchers near the Strait of Hormuz.
  • The administration's first formal action in the campaign was a proposed rule targeting the Emirati branches of Egypt's Banque Misr, which has not yet been sanctioned.

The Trump administration plans to impose sanctions on another bank this week as it steps up an economic campaign against Iran, Treasury Secretary Scott Bessent told The Associated Press.

This is going to be financial violence if we have to

— Scott BessentBessent described the administration's planned financial pressure on Iran and entities linked to its trade.

"This is going to be financial violence if we have to," Bessent said. "We are showing people that we know who you are, you know who you are, and this has got to stop." He spoke ahead of Group of 20 meetings in Asheville, North Carolina, where he plans to press counterparts to cooperate against Tehran.

The push for economic pressure comes as fighting continues. U.S. forces struck Iranian rocket launchers near the Strait of Hormuz on Sunday, the first American military action in a month, after the administration had signaled a shift away from military strikes. Iran vowed to retaliate for what it called a deadly attack.

We are showing people that we know who you are, you know who you are, and this has got to stop

— Scott BessentBessent warned those involved in transactions with Iran.

Washington also faces a decision over China, Iran's biggest trading partner and leading oil buyer. Bessent said he would speak with Chinese officials at the G20 and that "all options are on the table" regarding possible sanctions over China's continued purchases. He rejected claims that the administration was hesitant to confront Beijing, calling that "a completely false narrative that the media picked up on."

all options are on the table

— Scott BessentBessent discussed possible sanctions against China over its purchases of Iranian oil.

The Treasury Department's first official action was a proposed rule that would cut the Emirati branches of Banque Misr, Egypt's second-largest bank, off from the U.S. financial system if finalized. The move stopped short of sanctions against the Egyptian bank, signaling the administration's reluctance to penalize major trading partners that conduct business with Iran, including China and India.

a completely false narrative that the media picked up on

— Scott BessentBessent rejected claims that the administration was reluctant to confront China.
About this summary

Originally published by PBS NewsHour in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

More Stories

From Our Blog