Bessent signals weekly U.S. sanctions to intensify pressure on Iran

WASHINGTON: US Treasury Secretary Scott Bessent has said Washington is preparing to introduce additional secondary sanctions against Iran on a weekly basis as part of efforts to intensify economic pressure on Tehran.

In an interview with Reuters on Sunday, Bessent said the measures would initially target banks accused of facilitating financial transactions involving Iran. He indicated that some institutions could ultimately be cut off from the US dollar-based financial system altogether.

“You’re going to see a lot more of these every week,” Bessent said, adding that Washington was beginning with banks and warning them against handling Iranian funds or supporting the Iranian government.

His comments came after the US Treasury on Friday imposed sanctions on branches of Egypt’s Banque Misr in the United Arab Emirates over alleged financial links to Iran.

The planned measures are expected to broaden Washington’s campaign to restrict Iran’s access to international finance and increase the economic costs for institutions dealing with the country.

Bessent said he intends to drive the message home to G20 finance ministers and central bank governors to cut economic ties to Iran, or face secondary sanctions. The Treasury launched the effort, dubbed Operation Economic Outcast, last week.

“There can be no leakage,” Bessent said. “You’re either with us or you’re with the Iranians.”

However, he said that he disagreed with some critics who have said that Iran sanctions will not be successful without targeting Chinese companies for secondary sanctions.

Most of China’s Iran oil purchases have been curbed by the U.S. blockade of Iranian ports, and the amount of Iranian oil stored in tankers is dwindling, he said, adding: “Problem solved.”