Bessent expects new US secondary sanctions weekly, aiming to increase pressure on Iran

US Treasury Secretary Scott Bessent anticipates weekly issuance of new secondary sanctions against Iran, focusing initially on financial institutions such as banks, Reuters reported on Sunday. Following penalties imposed on Egypt's Banque Misr for alleged financial ties to Iran, Bessent warned in an interview that the US could potentially sever an institution's connection to the dollar-based financial system.

He indicated that a series of such measures would be implemented weekly ahead of the Group of 20 finance leaders' meeting. Bessent emphasized that the strategy targets banks, urging them to refrain from handling Iranian funds or supporting the regime. He pledged to convey this message to G20 finance ministers and central bank governors, urging them to sever economic ties with Iran, or face secondary sanctions.