Bessent Says U.S. Will Sanction Another Bank Over Iran Transactions

Treasury Secretary Scott Bessent said the Trump administration plans to sanction another bank this week over Iran-related transactions, but he did not identify the institution. Speaking in Asheville ahead of Group of 20 meetings, Bessent said the administration wanted counterparties to know U.S. officials were aware of the transactions and expected them to stop. He said all options were on the table for possible sanctions on Beijing over continued purchases from Iran. The planned action follows a proposed rule that would cut Banque Misr's Emirati branches off from the U.S. financial system if finalized; Bessent did not say the two actions involved the same bank.