Archive · 31 Aug 2026
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.
- When
- Bessent said the additional sanction is planned for this week; he spoke Sunday ahead of G20 meetings.
- Where
- Bessent spoke in Asheville, North Carolina; the proposed action involves Banque Misr’s branches in the United Arab Emirates.
- Why
- The administration wants to clamp down on transactions with Iran and encourage broader economic isolation of the country.
- 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.