US to Impose Sanctions on Another Bank Amid Economic Pressure on Iran

Washington has increased efforts to economically pressure Tehran amid stalled truce talks. The US plans to impose sanctions on another bank this week as part of its campaign to isolate Tehran, according to Treasury Secretary Scott Bessent. In an interview with The Associated Press on Sunday, Bessent did not disclose the name of the bank targeted for sanctions. This announcement follows the recent decision to cut off the United Arab Emirates's operations of Basque Misr from the US financial system, after accusations that the bank was conducting business with the Iranian government. Bessent stated, "This is going to be financial violence if we have to," emphasizing the US's intent to hold accountable those aiding Iran. He indicated that the next step may involve completely cutting off an institution from the dollar-based financial system. Bessent noted, "You’re going to see a lot more of these every week," ahead of a Group of 20 finance leaders meeting in Asheville, North Carolina. He added that the US is starting with banks, warning them against handling Iranian funds. The US has intensified its economic pressure on Tehran to comply with its demands, under a campaign referred to as "Operation Economic Outcast," amid ongoing stalled truce talks. Last week, the Treasury Department imposed new sanctions on nearly 60 individuals and entities alleged to be part of networks supporting Iran's oil revenue generation, weapon procurement, and cyber operations. In response, Iranian Finance Minister Ali Madanizadeh stated that the latest US sanctions would be ineffective. Violence in the region resumed on Sunday, with Iran launching missiles at two US bases in Jordan following a US attack on Larak Island in southern Iran. Bessent is set to host the G20 finance leaders' meeting, where he plans to engage with counterparts from major and developing economies to foster cooperation against Iran. He also mentioned plans to discuss sanctions with Chinese officials, asserting that "all options are on the table" regarding Beijing's continued trade with Tehran, while dismissing claims of US reluctance to confront China as a false narrative. Bessent emphasized the shared interest of both Beijing and Washington in reopening the Strait of Hormuz and preventing Iran from developing nuclear weapons.