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

The Trump administration intends to impose sanctions on an additional bank this week to restrict Iran's financial transactions, announced Treasury Secretary Scott Bessent on Sunday. Bessent discussed the matter with The Associated Press before the Group of 20 meetings in Asheville, North Carolina. During the interview, Bessent stated that the administration is prepared to employ "financial violence" if necessary to halt Iran's activities.

He emphasized the importance of identifying the individuals involved and enforcing consequences. The administration has recently launched a campaign aimed at pressuring countries that continue to engage with Iran to sever their financial connections or face repercussions from the US. The proposed rulemaking by the Treasury on Friday would, if adopted, cut off access to the US financial system for the Emirati branches of Egypt's second-largest bank, Banque Misr.

While the administration refrained from directly sanctioning the Egyptian bank, it signaled its cautious approach to penalizing major trading partners like China and India, whose officials will be part of Bessent's discussions at the G-20 meeting. Bessent assured that all options, including sanctioning China, are under consideration due to Beijing's ongoing purchases from Iran.

However, he dismissed the notion that there is a "completely false narrative" regarding potential sanctions on China, emphasizing the shared American and Chinese commitment to reopening the Strait of Hormuz and preventing Iran from further developing nuclear capabilities.