The Trump administration is preparing to sanction a “large bank” next week, Treasury Secretary Scott Bessent said. Bessent did not reveal the name of the bank that could face the sanctions. He also did not say which country the bank is based in, according to his comments. Bessent made the comments during an appearance on “Real America’s Voice” on Thursday.
The sanctions were originally planned for Friday, but the administration delayed the move. The delay came because of the 25th anniversary commemoration of the September 11, 2001, terrorist attacks, according to Bessent. The new sanctions are expected to come as the Trump administration increases economic pressure on Iran.
Bessent described Iran as a “cornered and wounded” animal as the US continues to tighten sanctions on Tehran. Bessent said the US will continue its economic pressure until transactions with the Iranian regime are stopped. He also warned banks, companies and individuals that doing business with Iran could bring serious financial consequences.
Bessent said the administration wants to make business with the Iranian regime so unprofitable that companies and individuals will not want to take the risk. “We will make it so unprofitable” that anyone taking the risk could face an “extinction-level event” for their company or personal finances, Bessent warned. He added that the US government is “coming for” those who continue to engage with the Iranian regime, highlighting the seriousness of the sanctions campaign.
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Why is the US targeting Iran’s financial network?
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Why is the US targeting Iran’s financial network?
{{/usCountry}}The planned bank sanctions are part of a larger US campaign to isolate Iran economically. In August, Bessent launched a new campaign called “Operation Economic Outcast.”
The campaign is aimed at financial networks, companies and countries that help Iran make money or get around US sanctions, according to Benzinga. The US is especially targeting groups that help Iran continue financial transactions and generate revenue despite sanctions.
Earlier this month, Bessent also warned that Iran’s economy could collapse within weeks or months if Washington continues to increase sanctions pressure. Bessent said, however, that economic collapse is not the main goal of the US campaign. Instead, he said Washington wants to use economic pressure to force Tehran’s regime to change its course.
US recently sanctioned Turkish bank
The US Treasury Department has already taken action against banks and other businesses linked to Iran. Earlier this month, the Treasury sanctioned Turkish lender Golden Global Bank and its subsidiaries.
The US accused Golden Global Bank of helping move tens of millions of dollars in transactions linked to Iran’s Islamic Revolutionary Guard Corps-Qods Force, Benzinga reported. The US also accused the bank of helping Iran move oil revenues from China to Turkey using gold and cash.
The bank said it had followed domestic and international banking rules. Golden Global Bank also said that none of its transactions supported the activities described in the US allegations. The bank said it plans to challenge the US sanctions through legal channels.
More Iran-related sanctions announced
The Trump administration has also expanded sanctions beyond banks. The Treasury Department sanctioned 27 Iranian airlines as part of the wider pressure campaign. Nine foreign entities, cargo providers and sales agents were also sanctioned. The measures are part of the administration’s effort to cut off Iran’s ability to use international businesses and financial networks.
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In July, the Treasury Department also announced sanctions against two Iran-linked companies. Those companies were accused of supporting an IRGC-backed maritime scheme, according to the report.
Iran says sanctions are hurting its economy
Iran’s own leadership has acknowledged that the US sanctions are putting pressure on the country’s economy. Last month, Iranian President Masoud Pezeshkian said US sanctions were hurting Iran. Pezeshkian estimated that Iran’s oil trade had fallen by about 25% to 35%. He also said imports had fallen more sharply than exports.
Iran is also dealing with fuel shortages and other economic problems, Pezeshkian said. The Iranian president acknowledged that the country is facing “many problems” as US pressure increases. Pezeshkian rejected the idea that the sanctions have no impact on Iran. He said claiming that sanctions have no effect would not match the economic situation Iran is facing.
What could Monday’s bank sanctions mean?
The next bank targeted by the US could become another major part of Washington’s effort to cut Iran off from the global financial system. The identity of the bank has not yet been publicly disclosed by Bessent. Its country of operation has also not been revealed.
The planned action shows that the Trump administration is willing to target financial institutions that it believes help Iran bypass sanctions. The warning from Bessent also sends a message to other banks and companies that doing business with Iran could bring severe US financial penalties. The coming sanctions could therefore put more pressure on Iran’s oil trade, banking system and access to international money flows.
For now, the key question is which “large bank” the US will target and what role Washington believes it played in supporting Iran’s financial network. Bessent’s warning makes clear that the US sanctions campaign against Iran is continuing and could expand further in the coming days.