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🇶🇦 Qatar /Economy & Trade

US plans sanctions on another bank to intensify economic pressure on Iran

From Al Jazeera · () English

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

At a glance

News Named sources Ongoing story
  • Treasury Secretary Scott Bessent said Washington would impose sanctions on another bank this week but did not identify the institution.
  • The move follows US action against Basque Misr’s access to the American financial system and recent sanctions on nearly 60 people and entities accused of supporting Iran’s oil, weapons and cyber networks.
  • Bessent said Washington would seek wider cooperation against Iran at a G20 finance meeting and could consider sanctions involving China’s trade with Tehran.

The United States plans to sanction another bank this week as Washington expands its campaign to cut Iran off from the global financial system. Treasury Secretary Scott Bessent disclosed the plan in interviews with The Associated Press and Reuters but did not name the institution.

Bessent said the next measure could remove a bank entirely from the dollar-based financial system. He described the campaign as “financial violence” if necessary and said Washington was warning banks that they could not hold Iranian funds or assist the Iranian government.

This is going to be financial violence if we have to. We are showing people that we know who you are, you know who you are, and this has got to stop.

— Scott BessentThe US Treasury secretary described the intended pressure on banks dealing with Iran.

The announcement followed Washington’s decision to cut off the United Arab Emirates’ operations of Basque Misr from the US financial system. The United States accused Egypt’s second-largest bank of doing business with the Iranian government. Last week, the Treasury Department also sanctioned nearly 60 people and entities it accused of helping Iran earn oil revenue, obtain weapons and conduct cyber operations.

The pressure campaign, called “Operation Economic Outcast,” comes as truce talks remain deadlocked. Iran has rejected the latest sanctions. Its finance and economic affairs minister, Ali Madanizadeh, said they would fail.

You’re going to see a lot more of these every week. We’re starting with the banks, and we’re telling the banks it’s not OK to have Iranian money and to aid the regime.

— Scott BessentBessent told Reuters that Washington would continue targeting financial institutions.

Violence resumed on Sunday for the first time since late July. Iran launched missiles at two US bases in Jordan after a US attack on Larak Island in southern Iran.

Bessent is preparing to host finance ministers and other finance leaders from the Group of 20 in Asheville, North Carolina. He said he would press counterparts to cooperate against Iran and speak with Chinese officials. He said “all options are on the table” regarding possible sanctions on Beijing over its continued trade with Tehran, while rejecting claims that Washington was avoiding confrontation with China.

All options are on the table.

— Scott BessentHe used the phrase when discussing possible sanctions on China over trade with Iran.
About this summary

Originally published by Al Jazeera 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.

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