US Treasury to sanction another bank in Iran pressure campaign
This digest was compiled by AI from multiple sources — links to the originals are below.
US Treasury Secretary Scott Bessent said the Trump administration will sanction another bank this week as part of a shift to economic pressure on Iran. The move follows a US strike on Iranian missile sites near the Strait of Hormuz. Bessent also plans to raise Iran oil purchases with China at G20 talks in Asheville.
Key Facts
- Treasury Secretary Scott Bessent said the US will sanction another bank this week without naming the institution.
- The US military struck Iranian missile installations near the Strait of Hormuz on Sunday, the first US operation against Iran in a month.
- The Treasury proposed a rule change that could cut UAE units of Egypt's Banque Misr off from the US financial system.
- Bessent said he will discuss Iran with Chinese counterparts at G20 meetings in Asheville, where all options on sanctions against Beijing are being considered.
- The Treasury restricted access for some New York Times, Wall Street Journal, and Bloomberg News journalists to G20 meeting coverage.
New Bank Sanctions
Treasury Secretary Scott Bessent told the Associated Press that the Trump administration will sanction another bank this week as part of its campaign to increase economic pressure on Iran. Bessent declined to name the financial institution, but said Washington is prepared to use financial tools as aggressively as necessary. He described the approach as "financial violence if needed," signaling a shift from primarily military pressure to a broader economic campaign against Tehran. The announcement follows what Washington previously called an "economic D-Day" for Iran.
Military Strike and Regional Response
On Sunday, US forces struck Iranian missile installations near the Strait of Hormuz, marking the first American military operation against Iran in a month. Tehran said it intends to respond to the strike. The Treasury's first official step was a proposed rule change that could deny UAE-based units of Banque Misr, Egypt's second-largest bank, access to the US financial system. Washington has so far avoided direct sanctions against the Egyptian bank itself, a move that may reflect a desire not to escalate tensions with major Iranian trading partners such as China and India.
G20 Agenda and Press Restrictions
Bessent plans to focus on China at the G20 meetings in Asheville, where he will discuss the situation around Iran with Chinese colleagues. China remains Iran's largest trading partner and main buyer of its oil, and Bessent said "all options are being considered" regarding possible sanctions against Beijing for continuing Iranian oil purchases. He said the US and China agree on the need to keep the Strait of Hormuz open and prevent Iran from developing nuclear weapons. The Treasury also restricted access for some journalists from The New York Times, The Wall Street Journal, and Bloomberg News to cover G20 meetings, a decision The Times called an attempt to avoid public scrutiny. Bessent denied any link between the restrictions and the outlets' editorial policies, and said he will also discuss the global economy and the US debt, which has reached $40 trillion, at the G20.
1 source
US Treasury to sanction another bank in Iran pressure campaign
