A large bank sanctioned next week by the United States, U.S. Treasury Secretary Scott Bessent said Thursday, signaling another step in the administration’s economic pressure campaign.
Bessent said the action is slated for Monday, adding that the timing is intended to honor the memory of Americans lost on 9/11. He did not name the financial institution or the country where it operates, speaking during an appearance on Real America’s Voice.
The comments follow recent moves by the administration to tighten enforcement tied to Iran. Last month, the U.S. sanctioned the Dubai branches of Egypt’s second-largest bank, which the administration says was involved in providing $1.8 billion in funds to Iranians. Bessent also said Turkey’s largest bank, which he described as having given to the Iranians, will be closed.
Large bank sanctioned amid expanded Iran measures
Since the Mideast conflict began in February, the United States has rolled out multiple economic measures against Iran, including sanctions. The administration intensified that pressure last month through what Bessent called Operation Economic Outcast, imposing penalties on nearly 60 entities, vessels and individuals.
Alongside those steps, the Treasury broadened the scope of secondary sanctions targeting those doing business with Iran in sectors such as shipping and technology. U.S. officials say the expanded measures aim to disrupt financial channels that support Iran-linked activities.
The Treasury Department did not immediately provide additional details on the financial institution expected to be targeted Monday. Hawaiʻi residents and businesses with international ties should monitor updates for potential impacts on cross-border transactions and compliance obligations.
