U.S. Treasury Secretary Scott Bessent speaks during a press conference to outline further sanctions against Iran, at the Treasury Department in Washington, D.C., U.S., Aug. 24, 2026.
Evelyn Hockstein | Reuters
The Trump administration plans to impose sanctions on another bank this week to clamp down on Iran transactions, Treasury Secretary Scott Bessent said Sunday.
Bessent spoke with The Associated Press ahead of Group of 20 meetings in Asheville, North Carolina, where he will meet individually with his counterparts from the world’s major and developing economies to encourage participation in the economic isolation of Iran.
“This is going to be financial violence if we have to,” Bessent said in the interview. “We are showing people that we know who you are, you know who you are, and this has got to stop.”
Bessent had recently announced a new campaign to push countries that still do business with the already heavily sanctioned Islamic Republic to sever their financial ties or face retaliation from the United States.
The Treasury Department on Friday moved to sanction the United Arab Emirates branch of an Egyptianbankover its financial ties to Iran.
Treasury intends to revoke the access of Banque Misr UAE to U.S. financial institutions, the department said in a statement.
The action comes four days after Bessent launched “Operation Economic Outcast,” asanctions campaignthat aims to sever all of Iran’s economic ties around the world.
—CNBC contributed to this report.
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