US to impose fresh sanctions on bank over Iran financial ties

Treasury Secretary Scott Bessent announced Sunday that the United States will impose sanctions on another bank this week as part of a broader campaign to restrict Iran's access to the global financial system. Speaking ahead of Group of 20 meetings in Asheville, North Carolina, Bessent said the administration is determined to prevent countries from conducting business with the Islamic Republic.

"This is going to be financial violence if we have to," Bessent said, emphasizing the administration's resolve. "We are showing people that we know who you are, and this has got to stop."

The Treasury Department launched a new enforcement campaign recently, pressuring nations that maintain financial relationships with Iran to sever ties or face US retaliation. The initiative targets third countries and institutions that circumvent existing sanctions on the already heavily sanctioned nation.

Bessent indicated he will use bilateral meetings with fellow finance ministers at the G20 gathering to encourage broader participation in the economic isolation strategy. The Treasury's first formal action included a proposed rulemaking that would sever the operations of certain Egyptian and Emirati bank branches connected to Iran-related transactions.

The escalating sanctions reflect the administration's hardline approach toward Iran's financial activities and regional influence.