US Plans New Bank Sanctions as Economic Pressure on Iran Intensifies

The United States plans to impose sanctions on another bank this week as Washington increases economic pressure on Iran amid stalled talks aimed at securing a truce. US Treasury Secretary Scott Bessent said the targeted bank would be sanctioned as part of efforts to restrict Iran’s access to international finance and reduce its ability to generate revenue. He did not identify the bank. Bessent said Washington could take further measures against financial institutions that handle Iranian funds, including potentially cutting them off from the dollar-based global financial system. “You’re goin

The United States plans to impose sanctions on another bank this week as Washington increases economic pressure on Iran amid stalled talks aimed at securing a truce. US Treasury Secretary Scott Bessent said the targeted bank would be sanctioned as part of efforts to restrict Iran’s access to international finance and reduce its ability to generate revenue. He did not identify the bank. Bessent said Washington could take further measures against financial institutions that handle Iranian funds, including potentially cutting them off from the dollar-based global financial system. “You’re going to see a lot more of these every week,” Bessent told Reuters, saying the US was beginning with banks and warning them against handling Iranian money or supporting the Iranian government. The planned action follows recent US sanctions against nearly 60 individuals and entities accused of helping Iran generate oil revenue, acquire weapons and conduct cyber operations. Washington has described its broader campaign as “Operation Economic Outcast,” aimed at isolating Iran economically and forcing Tehran to meet US demands. The pressure comes as negotiations over a truce remain deadlocked. Iran has rejected the latest US sanctions, with Iranian Finance and Economic Affairs Minister Ali Madanizadeh arguing that the measures will fail. Meanwhile, tensions between the two countries have continued to escalate. Violence resumed on Sunday after a period of relative calm, with Iran launching missiles at two US bases in Jordan following a US attack on Larak Island in southern Iran. Bessent is also expected to use a G20 finance leaders’ meeting in the United States to seek greater international cooperation against Iran. He said Washington would discuss the issue with Chinese officials, including the possibility of further sanctions over China’s continued trade with Tehran.