U.S. to Impose Sanctions on Another Bank to Increase Economic Pressure on Iran

ASHEVILLE, N.C. (AP) — The Trump administration plans to impose sanctions on another bank this week as part of its efforts to economically isolate Iran, according to U.S. Treasury Secretary Scott Bessent in an interview with The Associated Press on Sunday. Bessent stated, "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." Bessent made these remarks ahead of the Group of 20 meetings in Asheville, North Carolina, where he will meet with counterparts from major and developing economies to encourage cooperation against Iran. The administration has indicated a shift from military strikes to economic pressure during a conflict that has reached the six-month mark, promising an "economic D-Day" against Iran, which has faced decades of sanctions. On the same day, U.S. forces conducted strikes on Iranian rocket launchers in the Strait of Hormuz, marking a return to military action after a month-long lull. Iran has vowed to retaliate for what it described as a deadly attack. The administration has primarily issued warnings rather than new sanctions against Iran's trading partners, raising questions about how it will address China's role as Iran's largest trading partner and oil buyer. Bessent mentioned he would discuss sanctions with Chinese counterparts at the G20 meeting, stating, "all options are on the table" regarding sanctions against Beijing for its continued purchases. He dismissed claims that the administration is hesitant to confront China, labeling it as a "completely false narrative that the media picked up on." Bessent emphasized that both China and the U.S. agree on the importance of reopening the Strait of Hormuz and preventing Iran from developing nuclear weapons. The Treasury's initial action in this economic pressure campaign was a proposed rulemaking on Friday that, if finalized, would cut the Emirati branches of Banque Misr, Egypt's second-largest bank, from access to the U.S. financial system. The administration has refrained from imposing sanctions on the Egyptian bank, suggesting a reluctance to penalize major trading partners, including China and India, that engage in business with Iran.