US to Impose Sanctions on Another Bank Over Iran Transactions

Aug 31, 2026

63 min

Aug 31, 2026 04:31

US plans to sanction another bank in drive to clamp down on Iran transactions: Bessent

## New Sanctions Announced

The United States is set to impose sanctions on another bank this week as part of its ongoing efforts to curb financial transactions with Iran. Treasury Secretary Scott Bessent revealed this plan during an interview ahead of the Group of 20 meetings in Asheville, North Carolina.

## Financial Isolation Strategy

Bessent emphasized the administration's commitment to isolating Iran economically. He warned of potential "financial violence" to deter countries from engaging in business with the heavily-sanctioned nation. The new campaign aims to pressure countries still trading with Iran to sever ties or face U.S. retaliation.

## Targeting International Banks

The first step in this initiative involved a proposed rule to cut off the Emirati branches of Banque Misr from the U.S. financial system. Although the administration has not yet sanctioned the Egyptian bank, it signals a warning to major trading partners like China and India.

## Diplomatic Efforts at G-20

Bessent plans to discuss these issues with Chinese officials at the G-20 meeting, indicating that "all options are on the table" regarding potential sanctions on Beijing. Despite media narratives suggesting reluctance, Bessent insists that the U.S. and China share common goals, such as reopening the Strait of Hormuz and preventing Iran from developing nuclear weapons.

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