2 days ago
US Plans New Bank Sanctions to Restrict Iran Transactions
The United States wants to make it harder for Iran to move money through banks.
Treasury Secretary Scott Bessent said another bank may face sanctions this week.
Sanctions are penalties that can limit a bank’s access to the U.S. financial system.
The administration is asking countries that do business with Iran to stop those financial connections.
It says countries and banks that do not cooperate could face retaliation.
The Treasury Department has already proposed action against branches of Egypt’s Banque Misr in the United Arab Emirates.
That proposal has not yet become a final sanction against the Egyptian bank.
Bessent plans to discuss the issue with other countries at G20 meetings.
Treasury Secretary Scott Bessent said the Trump administration plans to sanction another bank this week.
The measure is part of a campaign to pressure countries to end financial ties with Iran.
Bessent said the United States may use retaliation against institutions that continue Iran-related business.
The Treasury Department proposed cutting Banque Misr’s Emirati branches off from the U.S. financial system.
Bessent is expected to discuss the campaign with counterparts from China, India and other G20 economies.
- Who
- The Trump administration, led on this issue by Treasury Secretary Scott Bessent, and banks and countries doing business with Iran.
- What
- The United States plans to sanction another bank and is pressuring countries to sever financial ties with Iran.
- Where
- Bessent spoke in Asheville, North Carolina; the proposed action involves Banque Misr’s branches in the United Arab Emirates.
- When
- Bessent said the additional sanction is planned for this week; he spoke Sunday ahead of G20 meetings.
- Why
- The administration wants to clamp down on transactions with Iran and encourage broader economic isolation of the country.
Key facts
- Planned action
- The Trump administration plans to impose sanctions on another bank this week.
- U.S. campaign
- Countries that continue doing business with Iran could face U.S. retaliation.
- First official action
- The Treasury Department proposed a rule to cut Banque Misr’s Emirati branches off from the U.S. financial system.
- Status of Banque Misr measure
- The proposal has not yet resulted in sanctions against the Egyptian bank.
- Diplomatic outreach
- Scott Bessent will meet counterparts from major and developing economies at G20 meetings.
- Countries mentioned
- China and India are among the countries whose officials Bessent plans to meet.
- Bessent’s description
- Bessent described the possible pressure campaign as “financial violence” if necessary.
Quotes
Scott Bessent
U.S. Treasury secretary
“We are showing people that we know who you are, you know who you are, and this has got to stop.”
livemint.com
“This is going to be financial violence if we have to,”
livemint.com
Sources
Related news
US Moves to Cut Banque Misr UAE Branches From Dollars
US to Impose New Bank Sanctions on Iran
US Expands Iran Sanctions as Conflict Enters Sixth Month
US Expands Iran Sanctions, Threatening Partners With Dollar Cutoff
Trump Signals Possible Sanctions on Chinese Banks Over Iran
Bessent Warns Iran Trading Partners Amid Escalating Economic Pressure
Bessent Predicts Pipelines Will Bypass Strait of Hormuz
Bessent Presses G20 on China Trade and Iran Sanctions
US-Iran Flare-Up Targets Larak Island, Jordan Bases and Banks
Trump Claims Kharg Attack as U.S.-Iran Hostilities Resume