The Trump administration is preparing to sanction “a large bank” next week, said Treasury Secretary Scott Bessent.
Bessent did not disclose the bank’s name or its country during his appearance on “Real America’s Voice” on Thursday. The sanction, initially planned for Friday, was postponed due to the 25th anniversary commemoration of the September 11, 2001, attacks.
Treasury Secretary called Iran a “cornered and wounded” animal and emphasized that the administration’s economic pressure on Tehran will persist until all transactions with the Iranian regime are halted. He cautioned that those who dare to engage with the regime could face severe repercussions, including potential financial collapse.
“We will make it so unprofitable that if you want to risk an extinction-level event for your company or for your person, your personal finances, then have at it. But we are coming for you,” Bessent warned.
US Steps Up Pressure on Iran
This move is the latest in a series of sanctions aimed at economically isolating Iran. In August, Bessent launched a new campaign called “Operation Economic Outcast,” targeting the financial networks, companies, and countries that assist Iran in generating revenue and circumventing sanctions.
Earlier this month, Bessent warned Iran’s economy could collapse within weeks or months as Washington intensifies sanctions. He said the goal is not economic collapse but to pressure Tehran’s regime to change course.
The Recent Slew of Sanctions
Earlier this month, the Treasury Department sanctioned Turkish lender Golden Global Bank and its subsidiaries, accusing them of facilitating tens of millions of dollars in transactions for Iran’s Islamic Revolutionary Guard Corps-Qods Force and helping Tehran move oil revenues from China to Turkey through gold and cash.
Golden Global Bank denied the allegations, saying it complied with all domestic and international banking rules and that no transactions support the U.S. claims. The bank said it plans to challenge the sanctions through legal channels.
The Trump administration also sanctioned 27 Iranian airlines and nine foreign entities, cargo providers, and sales agents, as part of the operation. In July, the Treasury Department announced sanctions against two Iran-linked companies accused of supporting an IRGC-backed maritime scheme.
Iran Economy Feels Sanctions’ Impact
Last month, Iranian President Masoud Pezeshkian acknowledged that U.S. sanctions are hurting the economy, with oil trade falling an estimated 25%–35%. He said imports have declined more sharply than exports, while fuel shortages and other economic problems worsen.
Pezeshkian conceded that Iran is facing “many problems” as U.S. pressure intensifies. “Saying that sanctions have no effect is not consistent with these facts,” he stated.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: USA TODAY Network via Reuters Connect
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