Bessent expects new US secondary sanctions weekly, aiming to increase pressure on Iran
ASHEVILLE: The US Treasury Department is likely to unveil weekly new secondary sanctions aimed at increasing economic pressure on Iran, with an initial focus on banks, US Treasury Secretary Scott Bessent told Reuters on Sunday. After imposing penalties on the United Arab Emirates branches of Egypt’s Banque Misr on Friday over alleged financial links to Iran, Bessent said in an interview that the…
The US Treasury Department is reportedly planning to introduce weekly secondary sanctions against Iran, according to US Treasury Secretary Scott Bessent's recent interview with Reuters. These sanctions, which are expected to initially target banks, are aimed at intensifying economic pressure on Iran. Following the recent penalties imposed on the UAE branches of Egypt's Banque Misr, Bessent indicated that the next step might involve severing complete financial ties to the dollar system for certain institutions.
Speaking ahead of the Group of 20 finance leaders meeting, Bessent asserted that "you're going to see a lot more of these every week." The Treasury Secretary explained that the strategy focuses on prohibiting banks from dealing with Iranian money and supporting the regime. Bessent further stated his intention to convey this message to G20 finance ministers and central bank governors, urging them to sever economic ties with Iran or face secondary sanctions.
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