Washington plans to sanction a large bank next Monday as the Trump administration steps up its economic pressure campaign against Iran, Treasury Secretary Scott Bessent said Thursday.
Bessent did not name the financial institution or say which country it operates in. He said the sanctions had initially been planned for Friday but were delayed because of ceremonies commemorating the 25th anniversary of the September 11, 2001 attacks.
The upcoming action forms part of a wider U.S. effort to increase the cost of commercial activity involving Iran. Since the U.S.-Iran conflict began in February, Washington has introduced economic restrictions affecting a range of industries.
The sanctions have included measures targeting Iranian oil exports, shipping networks, weapons procurement, financial intermediaries, digital asset exchanges and aviation links.
Last month, the administration broadened its campaign under what Bessent described as “Operation Economic Outcast.” The initiative sanctioned nearly 60 entities, individuals and vessels and expanded the use of secondary sanctions against companies and other businesses that support Iranian activity.
The broader restrictions reach industries such as shipping, aviation, technology, gold and digital assets, raising the potential risks for businesses that continue transactions connected to Iran.
Bessent said the administration would keep increasing financial pressure until businesses and other parties stopped conducting dealings with the Iranian regime.
The planned sanctions come as the conflict moves into its second half-year and financial markets remain focused on the war’s economic effects. Restrictions on oil, shipping and financial networks have added to concerns surrounding global energy supplies and international trade.
President Donald Trump said Wednesday that he did not expect the conflict to conclude until after the U.S. midterm elections in November, suggesting that businesses in sectors affected by the sanctions could continue to face uncertainty.
The administration has not disclosed the identity of the bank that will be targeted Monday. Financial institutions and companies involved in Iranian trade are likely to closely monitor the action because secondary sanctions can also affect businesses outside Iran that transact with or provide services to sanctioned entities.
The escalation underscores the need for international businesses to monitor U.S. sanctions and other restrictions involving Iran as Washington continues expanding its economic campaign.
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