US plans to sanction another bank in effort to clamp down on Iran transactions, Bessent tells AP
Treasury Secretary Scott Bessent announced the Trump administration plans to sanction another bank this week to limit transactions involving Iran. Speaking to the Associated Press on Sunday, Bessent indicated that new secondary sanctions may be issued weekly to increase pressure on Iran. These measures follow recent sanctions against Banque Misr, Egypt's second-largest bank, which has prompted a review by the United Arab Emirates. Current US efforts also include sanctions targeting education, which have drawn criticism from Iranians regarding their international isolation.
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- ✓ Treasury Secretary Scott Bessent told the Associated Press the Trump administration plans to sanction another bank this week to clamp down on Iran transactions.
- ✓ Bessent expects new US secondary sanctions to occur weekly to increase pressure on Iran.
- ✓ Banque Misr, the second-largest bank in Egypt, has been hit by US sanctions.
- ✓ The United Arab Emirates will review Banque Misr following the US sanctions.
What changed
Treasury Secretary Scott Bessent announced plans for a new bank sanction this week and potential weekly secondary sanctions.
Live updates
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US to sanction additional bank to restrict Iran transactions
Treasury Secretary Scott Bessent announced the Trump administration plans to sanction another bank this week to limit transactions involving Iran. Speaking to the Associated Press on Sunday, Bessent indicated that new secondary sanctions may be issued weekly to increase pressure on Iran. These measures follow recent sanctions against Banque Misr, Egypt's second-largest bank, which has prompted a review by the United Arab Emirates. Current US efforts also include sanctions targeting education, which have drawn criticism from Iranians regarding their international isolation.
Why it matters
The US is utilizing secondary sanctions to isolate Iran from the global financial system by targeting third-party entities that facilitate Iranian trade. This strategy aims to force foreign banks and governments to choose between doing business with Iran or maintaining access to the US market.
What is confirmed
- Treasury Secretary Scott Bessent told the Associated Press the Trump administration plans to sanction another bank this week to clamp down on Iran transactions.
- Bessent expects new US secondary sanctions to occur weekly to increase pressure on Iran.
- Banque Misr, the second-largest bank in Egypt, has been hit by US sanctions.
- The United Arab Emirates will review Banque Misr following the US sanctions.
Still unconfirmed
- Recent US sanctions are targeting education, leading Iranians to feel unjustly erased from the international community.
What to watch next
- The announcement of the specific bank targeted for sanctions this week
- Results of the UAE review regarding Banque Misr
confidence 100%Sources used for this update (9)
- Al Jazeera — Banque Misr, Egypt’s second-largest, hit by US sanctions: What to know
- The New York Times — U.A.E. To Review Banque Misr, Targeted by Iran Sanctions
- WSJ — Opinion | Trump’s New Iran Sanctions Put China on Notice
- AP News — US plans to sanction another bank in effort to clamp down on Iran transactions, Bessent tells AP
- CNBC — U.S. plans to sanction another bank in effort to clamp down on Iran transactions: Bessent
- Reuters — Bessent expects new US secondary sanctions weekly, aiming to increase pressure on Iran
- www.orlandosentinel.com — US plans to sanction another bank in effort to clamp down on Iran transactions, Bessent tells AP
- www.rutlandherald.com — US plans to sanction another bank this week in effort to clamp down on Iran transactions, Bessent tells AP
- www.aljazeera.com — Duolingo D-Day: Iranians question latest US sanctions targeting education
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