Updated

Updated · The Jerusalem Post · Aug 31

US Treasury Plans Weekly Iran Sanctions, Starting With Banks and Threatening Dollar-System Cutoffs

Updated

Updated · The Jerusalem Post · Aug 31

US Treasury Plans Weekly Iran Sanctions, Starting With Banks and Threatening Dollar-System Cutoffs

Q: Which major global bank is next on the Treasury's chopping block as the administration intensifies its financial war?

It has not been publicly identified. Bessent said another bank would be targeted this week, but neither the AP report nor the additional reporting names the next institution. The only bank specifically tied to the latest step in the campaign is Banque Misr’s UAE branches, which the Treasury moved to cut off from the U.S. financial system through a proposed rule, without sanctioning the Egyptian parent bank itself. The broader signal from Bessent’s remarks is that the administration is preparing to widen pressure on banks that facilitate Iran-related trade, especially where Chinese-linked purchases or dollar-clearing channels are involved. He explicitly warned that entities helping turn Iranian oil into revenue could be targeted and said “all options are on the table” in discussions with Chinese officials. So, for now, the answer is that the next “major global bank” remains undisclosed; Treasury has only confirmed that further action is imminent, not which bank is next.

3 articles · Updated · The Jerusalem Post · Aug 31

Weekly secondary sanctions on Iran are likely to begin soon, with the first wave aimed at banks that hold Iranian money or help the regime, Treasury Secretary Scott Bessent said.
Friday's penalty on Banque Misr's UAE branches signals the model: Washington may next cut institutions off entirely from the dollar-based financial system if they keep economic ties to Iran.
At the G20 finance meeting, Bessent said he will press ministers and central bankers to sever those ties or face secondary sanctions, insisting there can be no "leakage."
Bessent also argued broader pressure can work without targeting Chinese companies, saying US moves have already curbed most of China's Iranian oil purchases and reduced crude held in tankers.