- Washington said it would cut off the United Arab Emirates from the US financial system after accusing Egypt's second-biggest bank of doing business with the Iranian government.
- Last week, the Treasury Department imposed new sanctions on nearly 60 individuals and entities accused of helping Iran generate oil revenue, procure weapons, and conduct cyber-operations.
- Treasury Secretary Scott Bessent declined to name the bank to be targeted by sanctions in an interview with The Associated Press.
- Bessent said the next step may be cutting off an institution entirely from the dollar-based financial system, and that more actions are coming weekly.
- Iran rejected the latest US sanctions, with Finance Minister Ali Madanizadeh saying they will fail.
- The US campaign, dubbed “Operation Economic Outcast,” aims to economically pressure Tehran amid stalled truce talks.
The U.S. Treasury Department is ramping up its sanctions against Iran, with plans to target another bank this week. Treasury Secretary Scott Bessent stated that these measures are part of a broader strategy to exert economic pressure on Tehran amid stalled negotiations.236
Bessent emphasized, “You’re going to see a lot more of these every week,” indicating a systematic approach to sanctioning financial institutions that engage with Iran. He noted that the U.S. is starting with banks, warning them that “it’s not OK to have Iranian money and to aid the regime.”
This announcement follows recent sanctions imposed on nearly 60 individuals and entities linked to Iran's oil revenue and military operations. Bessent described the U.S. strategy as “Operation Economic Outcast,” aimed at compelling Iran to comply with U.S. demands.7
In a recent interview, Bessent stated, “This is going to be financial violence if we have to,” underscoring the seriousness of the U.S. stance. He hinted that future actions could include cutting off institutions entirely from the dollar-based financial system.45
Despite these efforts, Iranian officials, including Finance Minister Ali Madanizadeh, have dismissed the sanctions, asserting that they will ultimately fail.
“The campaign, dubbed 'Operation Economic Outcast,' aims to pressure Tehran amid stalled truce talks. Last week, the Treasury imposed sanctions on nearly 60 individuals and entities, and Iran's finance minister rejected them, saying they will fail.”
