Treasury Secretary Scott Bessent Warns Of 'Financial Violence' Against Iran, Threatens New Sanctions
U.S. Treasury Secretary Scott Bessent announced that the Trump administration is preparing to intensify financial pressure on Iran through what he described as “financial violence.” Speaking ahead of G20 meetings in Asheville, North Carolina, Bessent warned banks and entities involved with Iranian transactions that they are being closely monitored and face potential sanctions. The Treasury has already launched Operation Economic Outcast, sanctioning nearly 60 Iran-linked entities since August 24. Bessent revealed plans to target another bank this week, starting with the proposed cutting off of Banque Misr’s UAE operations from U.S. correspondent banking due to its role in processing $1.8 billion for companies linked to Iranian shadow-banking networks between January 2024 and June 2026. The move is part of a broader strategy that includes weekly secondary sanctions aimed at foreign institutions facilitating transactions with Iran, potentially threatening their access to the U.S. dollar system. The administration also faces challenges in rallying international support for its campaign against Iran’s financial networks, particularly from China, which remains one of Tehran's largest oil buyers.
Topics: financial_sanctions international_relations iran_policy