The US Treasury plans to impose weekly secondary sanctions on banks aiding Iran, with Treasury Secretary Scott Bessent emphasizing a strong message to G20 counterparts. Bessent stated that financial violence may be necessary if transactions do not stop.
The US is escalating its economic pressure campaign against Iran by targeting financial institutions that facilitate transactions, aiming to further isolate the country and curb its nuclear program. This strategy could impact global trade relationships, particularly with major economies like China.
The United States is planning to impose sanctions on an additional bank this week as part of its strategy to intensify economic pressure on Iran, according to Treasury Secretary Scott Bessent. Bessent stated in an interview with The Associated Press that "financial violence" may be employed if necessary to halt transactions aiding Iran.
These comments come ahead of the Group of 20 meetings in Asheville, North Carolina, where Bessent intends to discuss cooperation against Iran with his counterparts. He indicated that he would address China, Iran's largest trading partner and oil buyer, and that "all options are on the table" regarding potential sanctions on Beijing.
Earlier, the Treasury had proposed regulations that would have restricted the access of UAE branches of Egypt's Banque Misr to the US financial system. However, the administration has largely relied on warnings rather than imposing new sanctions on key trading partners like China and India.
In a separate development, US forces attacked Iranian rocket launchers in the Strait of Hormuz, interrupting a recent pause in hostilities. Iran has vowed retaliation for the action.
Bessent also defended the Treasury's decision to exclude certain reporters from covering the G20 event and addressed scrutiny regarding his approach to US debt and deficits, particularly in light of the national debt surpassing $40 trillion.
Pick the topics you care about. Get only what matters, on your cadence.