Bessent expects new US secondary sanctions weekly, aiming to increase pressure on Iran

US Treasury Secretary Scott Bessent announced on Sunday that the Treasury Department plans to impose new secondary sanctions on Iran weekly, primarily targeting banks, to increase economic pressure. Following Friday's penalties on Banque Misr's UAE branches for alleged financial links to Iran, Bessent stated that future actions could involve completely cutting institutions off from the dollar-based financial system. He emphasized, "You're going to see a lot more of these every week. 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 intends to convey this message to G20 finance leaders, urging them to sever economic ties with Iran to avoid secondary sanctions.