U.S. to sanction another bank in Iran transaction clamp-down: Bessent
The U.S. Treasury plans to sanction another Iranian bank as part of an intensified economic pressure campaign. Treasury Secretary Scott Bessent indicated that all options, including potential sanctions on China, remain on the table to isolate Iran.
Why it matters
Escalating economic sanctions against Iran and potential friction with China represent a significant shift in U.S. foreign policy and global trade dynamics.
President Donald Trump's administration plans to impose sanctions on another bank this week as it intensified efforts to economically isolate Iran, U.S. Treasury Secretary Scott Bessent told The Associated Press on Sunday.
"This is going to be financial violence if we have to," Bessent said in the interview. "We are showing people that we know who you are, you know who you are, and this has got to stop."
Bessent spoke with the AP ahead of Group of 20 meetings in Asheville, North Carolina, where he will meet individually with his counterparts from the world's major and developing economies to encourage cooperation against Iran.
The Trump administration recently signaled that it would shift from military strikes to economic pressure during a war that recently reached the six-month mark, promising what it called an "economic D-Day" against a country that has already weathered decades of punishing sanctions.
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