The Trump administration plans to impose sanctions on another bank this week in an effort to further restrict Iran’s financial transactions, Treasury Secretary Scott Bessent announced Sunday. Speaking to the Associated Press ahead of G20 meetings in Asheville, North Carolina, Bessent stated the administration is actively seeking to isolate Iran financially and is urging other nations to sever ties with the Islamic Republic or face potential U.S. retaliation.
Bessent described the planned sanctions as a potential act of “financial violence,” emphasizing the administration’s resolve to demonstrate to those involved in transactions with Iran that their activities are known and must cease. “We are showing people that we know who you are, you know who you are, and this has got to stop,” he said.
This announcement follows a recently launched campaign to pressure countries still conducting business with Iran to cut those financial links. Bessent will meet individually with counterparts from major and developing economies at the G20 meetings to encourage participation in the economic isolation of Iran. The move signals a continued escalation of U.S. efforts to disrupt Iran’s access to international financial systems, even as the country faces existing, heavy sanctions.
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