US plans to sanction another bank in effort to clamp down on Iran transactions, Bessent tells AP

The Trump administration plans to impose sanctions on another bank this week to limit Iran's financial activities, Treasury Secretary Scott Bessent announced on Sunday. Bessent spoke with The Associated Press before attending the Group of 20 meetings in Asheville, North Carolina, where he will discuss the economic isolation of Iran with counterparts from major and developing economies.

Bessent emphasized the severity of the proposed action, stating that it could be likened to "financial violence." He expressed the administration's determination to expose those involved in Iran's financial dealings and compel them to halt their actions.

Recently, the Treasury proposed a rule that would sever the access of the Emirati branches of Banque Misr, Egypt's second-largest bank, to the U.S. financial system if finalized. However, the administration refrained from outright sanctioning the Egyptian bank, suggesting a reluctance to penalize significant trading partners like China and India.

Bessent confirmed that he would discuss potential sanctions against China during the G-20 meeting, indicating that all options would be considered if China continued its purchases. Despite this, Bessent dismissed the notion of a "completely false narrative" propagated by the media, reaffirming that the U.S. and China share the goal of reopening the Strait of Hormuz and preventing Iran from developing nuclear weapons.