US plans to sanction another bank to keep economic pressure on Iran

What the report says

Washington plans to add another bank to its sanctions list as part of a broader effort to tighten economic pressure on Iran, according to Al Jazeera’s report citing US Treasury Secretary Scott Bessent. In comments to The Associated Press and Reuters, Bessent said the next move could come this week, but he did not identify the institution. The reported aim is to restrict Iran’s access to the dollar-based financial system and further isolate Tehran while truce negotiations remain stalled.

The article says the announcement follows a recent US move against Egypt’s Basque Misr, after Washington accused the bank of doing business with the Iranian government. It also follows fresh US sanctions last week on nearly 60 people and entities that the Treasury said were linked to networks helping Iran earn oil revenue, buy weapons and carry out cyber operations. Iran has rejected the latest sanctions, with its finance minister saying they will not work.

Bessent described the campaign as part of what the report calls “Operation Economic Outcast,” and said the US is starting by targeting banks that handle Iranian money. He also suggested more sanctions could follow in the coming weeks. The comments came ahead of a G20 finance leaders meeting in Asheville, North Carolina, where the US is expected to seek broader cooperation on Iran. More generally, the report places the sanctions push against the backdrop of renewed conflict and deadlocked truce talks involving the US and Iran.