World News
US plans new bank sanctions to isolate Iran financially
Treasury Secretary Scott Bessent announced upcoming sanctions ahead of G20 meetings, even as U.S. forces launched fresh military strikes in the Strait of Hormuz.
The short version
- Treasury Secretary Scott Bessent stated the U.S. plans to impose sanctions on another bank this week to block Iranian transactions.
- The step follows a U.S. Treasury rule proposed on Friday targeting the Emirati branches of Egypt's Banque Misr.
- The economic measures coincide with a renewed surge in violence after U.S. military forces struck Iranian rocket launchers in the Strait of Hormuz.
- Uncertainty remains regarding whether the U.S. will impose direct sanctions on major Iranian trading partners such as China and India.
Key facts
- U.S. Treasury Secretary Scott Bessent announced that the administration plans to impose sanctions on another bank to restrict financial transactions involving Iran.[ABC News · ABC News · PBS NewsHour · Associated Press]
- The Treasury Department proposed a rule to disconnect the UAE-based branches of Egypt's Banque Misr from the U.S. financial system.[ABC News · ABC News · PBS NewsHour · Associated Press]
- Bessent stated that all options remain under consideration regarding potential sanctions against China over its Iranian oil purchases.[ABC News · ABC News · PBS NewsHour · Associated Press]
- U.S. forces struck Iranian rocket launchers in the Strait of Hormuz, ending a month-long pause in direct military action.[ABC News · ABC News · PBS NewsHour]
- Iranian officials promised to retaliate for the U.S. strike, which they characterized as a deadly attack.[ABC News · ABC News · PBS NewsHour]
What remains uncertain
- The specific identity of the bank targeted for upcoming sanctions has not yet been named by the Treasury Department.[ABC News · ABC News · PBS NewsHour · Associated Press]
- It remains uncertain whether the U.S. will ultimately penalize major foreign buyers of Iranian oil, such as China and India.[ABC News · ABC News · PBS NewsHour · Associated Press]
Sources
- US plans to sanction another bank in effort to clamp down on Iran transactions, APABC News - Top Stories
- US plans to sanction another bank in effort to clamp down on Iran transactions, Bessent tells APABC News - Business
- U.S. plans to sanction another bank in effort to clamp down on Iran transactions, Bessent tells APPBS NewsHour - Politics
- US plans to sanction another bank in effort to clamp down on Iran transactions, Bessent tells APAssociated Press