Foreign Relations

Bessent Says U.S. Will Sanction Another Bank This Week Over Iran Transactions

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Courtroom-sketch editorial illustration of U.S. Treasury Secretary Scott Bessent smiling as he speaks in a dark suit and blue tie before an out-of-focus American flag, drawn in warm ochre and slate-blue pastel with cross-hatching on sepia newsprint.

Treasury Secretary Scott Bessent said President Donald Trump’s administration plans to sanction another bank this week as part of its campaign to economically isolate Iran. Speaking in Asheville, North Carolina, before Group of 20 finance meetings, Bessent did not identify the bank and said he would press counterparts to cooperate. He said all options remain available for sanctions on Beijing over Chinese purchases from Iran. The planned measure follows a proposed rule that would cut Banque Misr’s UAE branches from the U.S. financial system over alleged Iranian transactions.

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