Updated

Updated · The Associated Press · Aug 30

US to Sanction Another Bank This Week as Iran Crackdown Widens After Banque Misr Move

Updated

Updated · The Associated Press · Aug 30

US to Sanction Another Bank This Week as Iran Crackdown Widens After Banque Misr Move

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 Associated Press · Aug 30

Another bank will be sanctioned this week, Treasury Secretary Scott Bessent said, marking the next step in the Trump administration’s push to choke off Iran-linked financial transactions.
Friday’s first move in that campaign was a proposed rule that would cut the Emirati branches of Banque Misr—Egypt’s No. 2 bank—off from the U.S. financial system if finalized.
At G20 meetings in Asheville, Bessent plans to press major economies to join Iran’s economic isolation and said “all options are on the table” over China’s continued purchases.
The stepped-up pressure comes as Washington tries to force countries still doing business with Iran to sever financial ties or risk U.S. retaliation, despite concerns about hitting major partners such as China and India.