US plans to sanction another bank to keep economic pressure on Iran
Summary
The United States plans to impose new sanctions on another bank this week to increase economic pressure on Iran amid stalled peace talks. Treasury Secretary Scott Bessent said the US is targeting banks that help Iran’s government and warned more sanctions could follow to cut Iran off from the global dollar-based financial system.Key Facts
- The US will sanction another bank linked to Iran but has not revealed its name.
- Treasury Secretary Scott Bessent called the sanctions “financial violence” needed to stop Iran’s actions.
- The US recently shut down the UAE operations of Egypt’s Basque Misr bank for doing business with Iran.
- The sanctions are part of “Operation Economic Outcast,” aiming to isolate Iran economically.
- Nearly 60 individuals and groups were sanctioned last week for helping Iran’s oil, weapons, and cyber activities.
- Iran’s finance minister said the sanctions will fail.
- Fighting resumed with Iran launching missiles at US bases in Jordan after a US attack in southern Iran.
- Bessent will meet G20 finance leaders to push for global cooperation against Iran and may discuss sanctioning China if it continues trade with Tehran.
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