Bessent expects new US secondary sanctions weekly, to increase pressure on Iran
US Treasury Secretary Scott Bessent announced plans to implement weekly secondary sanctions against banks and institutions that maintain financial ties to Iran. The strategy aims to isolate Iran from the dollar-based financial system without requiring Chinese cooperation.
Why it matters
This policy signals a more aggressive US economic stance toward Iran, potentially disrupting international banking operations and global financial stability.
The US Treasury Department is likely to unveil weekly new secondary sanctions aimed at increasing economic pressure on Iran, with an initial focus on banks, US Treasury Secretary Scott Bessent told Reuters on Sunday.After imposing penalties on the United Arab Emirates branches of Egypt's Banque Misr on Friday over alleged financial links to Iran, Bessent said in an interview that the next step may be cutting off an institution entirely from the dollar-based financial system."You're going to see a lot more of these every week," Bessent said ahead of a Group of 20 finance leaders meeting.
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