World News

US plans new bank sanctions to escalate economic pressure on Iran

Treasury Secretary Scott Bessent announced upcoming penalties against another unnamed institution to isolate Tehran financially.

Updated Sep 2, 2026 · 01:00 UTC4 reports

The short version

The Trump administration announced plans to sanction another unnamed bank as part of an expanding economic pressure campaign against Iran.[Al Jazeera · Associated Press]
Treasury Secretary Scott Bessent stated that the measures aim to push Iran to negotiations, asserting the nation's economy could collapse within weeks or months.[Al Jazeera]
The announcement follows a proposed US rule to sever the Emirati branches of Egypt's Banque Misr from the American financial system over alleged Iranian dealings.[ABC News]
Iranian Finance Minister Ali Madanizadeh rejected the US pressure campaign, stating the sanctions will fail, while Bessent noted potential penalties on Chinese oil purchases remain on the table.[Al Jazeera · Associated Press]

The Trump administration plans to impose sanctions on an unnamed bank to tighten restrictions on transactions with Iran.[Al Jazeera · Associated Press]
The US Treasury proposed a rule to cut off Emirati branches of Banque Misr from the US financial system over alleged ties to Iran.[ABC News]
Treasury Secretary Scott Bessent asserted that all options remain open regarding possible sanctions on China over its purchases of Iranian oil.[Associated Press]
Iranian Minister of Finance and Economic Affairs Ali Madanizadeh stated that the US sanctions campaign will fail.[Al Jazeera]

The specific identity of the bank targeted by the upcoming US sanctions has not been disclosed.[Al Jazeera]
Whether the US will impose formal sanctions on Chinese entities purchasing Iranian oil remains unresolved.[Associated Press]

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.