US plans to sanction another bank this week to increase economic pressure on Iran

The Trump administration plans to impose sanctions on another unnamed bank to increase economic pressure on Iran, Treasury Secretary Scott Bessent announced. The move follows a proposed rule to sever the UAE branches of Egypt's Banque Misr from the US financial system for processing $1.8 billion in transactions linked to Iranian networks. At a G20 meeting in Asheville, North Carolina, Bessent is urging international counterparts, including China, to cooperate in economically isolating Iran.

US bank sanctions against Iran

• ▪The US Treasury Department's Office of Foreign Assets Control issued sanctions targeting Reza Mohammad Taeedi, the manager of Iran's Bank Melli branch in the United Arab Emirates.
• ▪US Treasury Secretary Scott Bessent stated that the US plans to target banks to prevent them from holding Iranian money and aiding the Iranian regime.
• ▪The Trump administration plans to impose sanctions on another unnamed bank during the week of August 30, 2026, to increase economic pressure on Iran.
• ▪The US Treasury Department imposed sanctions on nearly 60 individuals and entities accused of helping Iran generate oil revenue, procure weapons, and conduct cyber-operations.
• ▪The US Treasury Department's Office of Foreign Assets Control issued sanctions targeting a Hong Kong entity accused of laundering money for a sanctioned Iranian exchange house.

Treasury Secretary Scott Bessent

• ▪US Treasury Secretary Scott Bessent responded to criticism from Duquesne Family Office LLC CEO Stan Druckenmiller, noting that Druckenmiller has previously called for a US debt default.
• ▪US Treasury Secretary Scott Bessent is working with US Office of Management and Budget Director Russ Vought on a fiscal package to address the US national debt and deficit.
• ▪US Treasury Secretary Scott Bessent described the US economic pressure campaign against Iran as "financial violence if we have to."
• ▪US Treasury Secretary Scott Bessent defended his August 2026 intervention in the bond market, which occurred on the same day the US national debt topped $40 trillion.

Banque Misr UAE sanctions

• ▪The US Treasury proposed a rule on August 28, 2026, to sever the United Arab Emirates branches of Egypt's Banque Misr from the US financial system.
• ▪The Central Bank of Egypt stated that the US proposed sanctions only affect Banque Misr's United Arab Emirates branches and do not extend to other Egyptian banks.
• ▪The US Treasury Department estimates that Banque Misr's United Arab Emirates branches processed approximately $1.8 billion in transactions for potential Iranian shadow banking networks between January 2024 and June 2026.
• ▪The proposed US rule allows Banque Misr to continue dollar transactions through its Cairo head office and other foreign branches, including Paris, Frankfurt, Riyadh, Beirut, and Djibouti.

G20 finance meetings

• ▪US Treasury Secretary Scott Bessent defended the exclusion of certain media outlets from the G20 meetings, stating that the decision had nothing to do with their points of view.
• ▪US Treasury Secretary Scott Bessent hosted G20 finance leaders in Asheville, North Carolina, during the week of August 30, 2026, to encourage international cooperation in economically isolating Iran.
• ▪The US Treasury Department barred reporters from The New York Times, The Wall Street Journal, and Bloomberg News from covering the G20 meetings in Asheville, North Carolina.

China-Iran trade relations

• ▪US Treasury Secretary Scott Bessent stated that "all options are on the table" regarding potential sanctions against Beijing for its continued purchases of Iranian oil.
• ▪China remains Iran's largest trading partner and the leading buyer of Iranian oil.
• ▪US Treasury Secretary Scott Bessent rejected claims that the Trump administration is reluctant to penalize China, stating that both nations agree on preventing Iran from developing nuclear weapons.

6 sources