US plans to sanction another bank in effort to clamp down on Iran transactions, Bessent tells AP
Summary
The Trump administration plans to sanction another bank to stop financial dealings with Iran, Treasury Secretary Scott Bessent said. This move aims to pressure countries that still do business with Iran to cut off ties or face U.S. retaliation.Key Facts
- The U.S. will impose sanctions on an additional bank this week to restrict Iran-related transactions.
- Treasury Secretary Scott Bessent made these remarks before attending Group of 20 (G-20) meetings in Asheville, North Carolina.
- The U.S. wants other countries to join in isolating Iran economically.
- A recent proposed rule targets the United Arab Emirates branches of Banque Misr, an Egyptian bank, cutting them off from the U.S. financial system.
- The administration avoided sanctioning the Egyptian bank itself to avoid targeting major trading partners like China and India.
- Bessent will discuss the issue with Chinese officials at the G-20 and kept open the option of sanctioning Beijing for buying Iranian goods.
- The U.S. and China reportedly agree on reopening the Strait of Hormuz and preventing Iran from developing nuclear weapons.
- The campaign is described as using "financial violence" to stop Iran's transactions and pressure cooperating countries.
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