U.S. plans to sanction another bank in effort to clamp down on Iran transactions, Bessent tells AP
Summary
President Donald Trump's administration plans to sanction another bank soon to increase economic pressure on Iran. U.S. Treasury Secretary Scott Bessent said the administration aims to isolate Iran financially and will take strong actions if needed.Key Facts
- The Trump administration will impose sanctions on another bank this week targeting Iran's financial transactions.
- Treasury Secretary Scott Bessent described the effort as potentially "financial violence" to stop Iran's activities.
- Bessent will meet with international finance ministers at the G20 summit to seek cooperation against Iran.
- The U.S. recently shifted focus from military actions to economic pressure on Iran after six months of conflict.
- U.S. forces struck Iranian rocket launchers near the Strait of Hormuz, the first military action in a month.
- The administration is cautious about sanctioning major trading partners of Iran like China and India.
- A proposed U.S. rule would cut off UAE branches of Egypt’s Banque Misr from the U.S. financial system.
- Bessent denied claims that the U.S. is reluctant to confront China over its dealings with Iran.
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