US to Announce New Sanctions on Iranian Bank This Week, Bessent Says

The United States is likely to impose sanctions on an Iranian bank this week, with more to follow, as part of an intensifying economic campaign against Tehran, according to U.S. Treasury Secretary Scott Bessent. The move signals a methodical escalation of pressure aimed at key sectors of the Iranian economy.

Escalating Pressure Campaign

Speaking on Tuesday at an event alongside the G20 finance leaders meeting in Asheville, North Carolina, Bessent outlined the Treasury's near-term plans. "We are probably going to announce a bank sanction this week, and we will announce one the week after," he said, as reported by Reuters.

Bessent stated the administration's goal is to "economically asphyxiate this regime," indicating a strategy of comprehensive financial pressure. He noted that the U.S. has received a "great show of support" from its allies in these efforts.

Broader Targets and Tactics

The Treasury's focus extends beyond financial institutions. Bessent identified other potential targets, including:

• Airline leasing companies
• Any other entities that conduct business with the Islamic Revolutionary Guard Corps (IRGC)

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"We are tracking down the IRGC’s assets," Bessent said, issuing a direct warning. "We know where in the British Virgin Islands your accounts are at these trust companies. We know the 100 million dollar houses you have around the world, and we are going to freeze those."

For investors and global financial markets, the most significant threat is the potential for secondary sanctions. Bessent previously told Reuters that the next step could involve cutting an institution off entirely from the dollar-based financial system, a measure that can cripple a bank's ability to conduct international transactions.

Geopolitical Context

The sanctions strategy is being coordinated with diplomatic efforts. Bessent confirmed that the United States has held private discussions with China on how to prevent Iran from obtaining a nuclear weapon.

These talks also addressed the importance of ensuring freedom of navigation in the Strait of Hormuz, a critical chokepoint for global oil shipments. The increasing sanctions risk adds another layer of uncertainty for energy markets and companies with exposure to the region.