Treasury chief warns Iran of “financial violence” as US tightens sanctions

The US administration plans to impose sanctions on another bank this week as part of efforts to intensify Iran’s economic isolation, US Treasury Secretary Scott Bessent told the Associated Press (AP).

“This is going to be financial violence if we have to,” the Treasury chief said, without specifying which bank would be targeted. We are showing people that we know who you are, you know who you are, and this has got to stop.”

Washington also plans to impose new sanctions every week on various entities over their ties to Iran in an effort to increase pressure on Tehran, Bessent said in comments to Reuters.

“You're going ​to see a lot more of these every week,” he said, referring to the US restrictions. “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,” the secretary added.

Bessent made the remarks ahead of a meeting of G20 finance ministers and central bank governors in Asheville, North Carolina. He plans to discuss coordinated measures against Tehran with his counterparts at the meeting.

Last week, Bessent announced the launch of the “Operation Economic Outcast,” which involves imposing sanctions on countries maintaining business ties with Iran. As part of the new campaign, the US Treasury Department announced sanctions against 60 organisations, individuals and vessels worldwide.

By Jeyhun Aghazada