Bessent Unveils New Iran Sanctions, Seeks G20 Backing for Economic War

Q: Which major global bank is next on the Treasury's chopping block as the administration intensifies its financial war?

It has not been publicly identified. Bessent said another bank would be targeted this week, but neither the AP report nor the additional reporting names the next institution. The only bank specifically tied to the latest step in the campaign is Banque Misr’s UAE branches, which the Treasury moved to cut off from the U.S. financial system through a proposed rule, without sanctioning the Egyptian parent bank itself. The broader signal from Bessent’s remarks is that the administration is preparing to widen pressure on banks that facilitate Iran-related trade, especially where Chinese-linked purchases or dollar-clearing channels are involved. He explicitly warned that entities helping turn Iranian oil into revenue could be targeted and said “all options are on the table” in discussions with Chinese officials. So, for now, the answer is that the next “major global bank” remains undisclosed; Treasury has only confirmed that further action is imminent, not which bank is next.

3 articles · Updated · The New York Times · Sep 1

Additional U.S. sanctions will target banks Iran uses to fund its economy, Treasury Secretary Scott Bessent said, adding Washington is also moving to seize Iranian leaders’ overseas assets, including funds in the British Virgin Islands.
G20 talks gave Bessent what he called significant support for “Operation Economic Outcast,” with the EU, Britain and the UAE seen as potential partners in a campaign to force countries to cut economic ties with Iran or face U.S. penalties.
Last week’s shutdown of the Dubai branch of an Egyptian bank accused of helping Iran evade sanctions shows the campaign is already moving beyond threats into enforcement.
Oil above $90 and disruption from Iran’s blockade of the Strait of Hormuz have roiled growth, though Bessent argued shipping routes will adjust quickly even as U.S. allies at the summit criticized Trump’s separate tariffs on Canada.