Treasury Secretary Scott Bessent said the Trump administration plans to target another bank this week as Washington intensifies efforts to isolate Iran financially and warns countries continuing to facilitate Iranian transactions that “all options are on the table.”
By yourNEWS Media Newsroom
Treasury Secretary Scott Bessent said Sunday that the Trump administration will move against another bank this week as part of an expanding campaign to cut Iran off from international financial networks and pressure governments that continue doing business with Tehran.
Bessent disclosed the planned action ahead of Group of 20 meetings in Asheville, North Carolina, where he is expected to hold individual discussions with finance officials from major developed and emerging economies.
The Treasury secretary intends to use those meetings to push other governments to participate in the economic isolation of Iran and restrict transactions that continue providing Tehran access to international finance.
“This is going to be financial violence if we have to,” Bessent told The Associated Press. “We are showing people that we know who you are, you know who you are, and this has got to stop.”
The planned bank action follows Bessent’s announcement of a broader campaign aimed at countries and financial institutions that continue conducting business with Iran despite the extensive sanctions already imposed on the Islamic Republic.
Under the strategy, foreign entities facilitating Iranian transactions could face U.S. retaliation if they refuse to sever those financial relationships.
Treasury took the campaign’s first formal step Friday through proposed rulemaking involving Banque Misr, Egypt’s second-largest bank.
If finalized, the action would cut the bank’s branches in the United Arab Emirates off from access to the U.S. financial system because of transactions connected to Iran.
The administration stopped short of imposing sanctions directly on Banque Misr itself.
That distinction has raised questions about how aggressively Washington is prepared to move against major international trading partners that maintain economic relationships with Tehran.
China and India are among the most important countries continuing to conduct business with Iran, and Bessent is expected to meet with officials from both nations during this week’s G-20 meetings.
Bessent said he intends to raise Iran directly with Chinese officials.
“All options are on the table,” he told the AP when discussing the possibility of sanctions against Beijing over continued purchases from Iran.
At the same time, Bessent rejected suggestions that the administration is reluctant to pressure China or other major economies because of the potential economic consequences.
He called that characterization “a completely false narrative that the media picked up on.”
Bessent argued that Washington and Beijing share important strategic interests despite their differences over Iranian trade, particularly maintaining navigation through the Strait of Hormuz and preventing Tehran from obtaining a nuclear weapon.
The comments indicate that the administration is attempting to build international support for its financial campaign while reserving the possibility of unilateral punishment against countries or institutions that continue facilitating Iranian commerce.
The strategy seeks to increase the cost of dealing with Iran by threatening access to the U.S. financial system, which remains central to international banking and dollar-denominated transactions.
Banque Misr’s Emirati branches represent the first institution formally targeted under the new campaign.
Treasury’s proposed action would not necessarily sanction the entire Egyptian bank. Instead, it would isolate designated branches from the American financial system if the rule is finalized.
That approach gives the administration another mechanism for pressuring foreign financial institutions without immediately imposing the most sweeping penalties available.
Bessent’s statement that another bank will be targeted this week signals that Friday’s action was the beginning of a broader campaign rather than a one-time enforcement measure.
The effort comes as the Trump administration continues increasing economic and military pressure on Iran while seeking greater international participation in restricting Tehran’s access to money, trade and financial services.
Bessent’s G-20 meetings will provide an opportunity to determine how much cooperation Washington can secure from governments whose own economic interests may conflict with the administration’s push for greater Iranian isolation.
China presents one of the most consequential tests because of its continued purchases from Iran and its importance to global trade.
Bessent nevertheless argued that common interests surrounding the Strait of Hormuz and Iran’s nuclear program provide grounds for cooperation.
His warning that “all options are on the table” also leaves open the possibility that Washington could impose additional sanctions or financial restrictions if diplomatic pressure does not produce changes in trade with Tehran.
The original Newsmax report carrying Bessent’s remarks provided readers with options to share the story through Facebook, X, email, SMS, and LinkedIn, as well as an option to add Newsmax on Google, accompanying email, SMS and Google images, text-size controls and an audio version of the article.
The administration’s next bank designation will offer another indication of how broadly Bessent intends to apply what he called “financial violence” and whether Washington is prepared to expand the campaign from smaller financial intermediaries to institutions and countries with substantially larger economic relationships with Iran.
Original article
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