Bessent says Iranian money ‘not ok’, warns banks of weekly sanctions to pressure country
He plans to tell G20 ministers to cut economic ties to the Islamic nation or face penalties
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[ASHEVILLE] The US Treasury Department is likely to unveil weekly new secondary sanctions aimed at increasing economic pressure on Iran, with an initial focus on banks, US Treasury Secretary Scott Bessent told Reuters on Sunday (Aug 30).
After imposing penalties on the United Arab Emirates branches of Egypt’s Banque Misr on Friday over alleged financial links to Iran, Bessent said in an interview that the next step may be cutting off an institution entirely from the US dollar-based financial system.
“You’re going to see a lot more of these every week,” Bessent said ahead of a Group of 20 finance leaders meeting.
“We’re starting with the banks, and we’re telling the banks it’s not okay to have Iranian money and to aid the regime.”
Bessent said he intends to drive the message home to G20 finance ministers and central bank governors to cut economic ties to Iran, or face secondary sanctions. REUTERS
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