U.S. Treasury Secretary Scott Bessent said in Asheville, North Carolina on Sunday that the United States is likely to unveil new secondary sanctions on Iran every week, starting with banks. He said the next step could be cutting an institution off from the dollar-based financial system. The Treasury launched the effort, called Operation Economic Outcast, last week, and Bessent plans to press G20 finance ministers and central bank governors to reduce ties with Iran.
U.S. Treasury Secretary Scott Bessent speaks during an interview with The Associated Press in Asheville, N.C., Aug. 30. AP-Yonhap
ASHEVILLE, North Carolina — The U.S. Treasury Department is likely to unveil weekly new secondary sanctions aimed at increasing economic pressure on Iran, with an initial focus on banks, U.S. 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 next step may be cutting off an institution entirely from the dollar-based financial system.
"You're going to see a lot more of these every week," Bessent said ahead of a Group of 20 finance leaders meeting. "We're starting with the banks, and we're telling the banks it's not okay to have Iranian money and to aid the regime."
