U.S. Treasury Secretary Scott Bessent says the United States expects to introduce new secondary sanctions on a weekly basis aimed at increasing economic pressure on Iran. Speaking ahead of a meeting of Group of 20 finance leaders, he indicates the initial focus is on banks and that the government will also communicate the message to financial institutions more broadly.
Bessent’s remarks come after U.S. penalties announced on Friday affecting Banque Misr’s branches in the United Arab Emirates, which the U.S. linked to alleged financial activity involving Iran. According to Reuters and other outlets, Bessent frames the next steps as potentially moving beyond additional penalties toward cutting an institution off from access to the dollar-based financial system.
Several reports describe the same planned cadence and goal: to raise the risk for non-U.S. entities doing business with Iran. They differ mainly in emphasis—some foreground weekly frequency, others highlight the bank-first approach and the outreach to G20 officials, without contradicting the overall direction described by the U.S. Treasury secretary.
