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US plans to sanction another bank, Bessent tells AP
AP News • • general
Key Points:
- The Trump administration plans to impose sanctions on another bank this week as part of intensified efforts to economically isolate Iran, according to U.S. Treasury Secretary Scott Bessent.
- Bessent described the approach as "financial violence" if necessary, emphasizing the administration's commitment to targeting entities involved with Iran despite the country's history of enduring sanctions.
- The administration is shifting focus from military strikes to economic pressure, with recent actions including a proposed rule to cut off Emirati branches of Egypt's Banque Misr from the U.S. financial system.
- Hostilities between the U.S. and Iran escalated recently when U.S. forces struck Iranian rocket launchers near the Strait of Hormuz, prompting Iran to vow retaliation.
- While sanctions against Iran's trading partners, including major buyers like China and India, have largely been warnings so far, Bessent affirmed all options remain on the table and denied reluctance to confront China.
