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US to sanction another bank to curb Iran transactions
Livemint··31 Aug
Treasury Secretary Scott Bessent said the Trump administration plans to impose sanctions on another bank this week to clamp down on Iran transactions. He spoke ahead of Group of 20 meetings in Asheville, North Carolina, urging counterparts to participate in economic isolation of Iran. Treasury's first action was a proposed Friday rulemaking against Emirati branches of Banque Misr.
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What It Means For You
- Banks still processing Iran transactions may face US sanctions after Bessent warned of financial violence if the practice continues.
- Countries attending G-20 meetings in Asheville this week will hear US calls to sever financial ties with the heavily sanctioned Islamic Republic.
- Egypt's Banque Misr could lose US financial system access if Treasury finalizes Friday's proposed rulemaking against its Emirati branches.
What's Happening
- Bessent recently announced a campaign pushing countries that do business with Iran to sever financial ties or face US retaliation.
- He told the Associated Press that all options remain on the table for sanctioning China over continued purchases of Iranian oil.
- Bessent called media reports of US reluctance to penalize major trading partners a completely false narrative.
US Iran Financial Sanctions Campaign
- Treasury's proposed Friday rulemaking would sever Emirati branches of Banque Misr, Egypt's second-largest bank, from US financial system access.
- Bessent used the phrase financial violence when describing potential enforcement against entities continuing Iran transactions.
- The interview took place in Asheville, North Carolina ahead of meetings with counterparts from major and developing economies.
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