Treasury Secretary Scott Bessent says U.S. will sanction another bank this week to limit Iran-linked transactions

Bessent told The Associated Press the next round is intended to further restrict financial channels connected to Iran, as the administration continues a broader push to isolate Iran’s economy.

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Treasury Secretary Scott Bessent said the Trump administration plans to impose sanctions on another bank “this week” as part of an effort to clamp down on Iran transactions, according to remarks he made to The Associated Press. The disclosure was framed as an additional step in the administration’s campaign to tighten enforcement against entities that facilitate financial activity connected to Iran.

Bessent did not identify the bank in the report, and specific sanction authorities, legal designations, or timelines beyond “this week” were not stated in the available record. As a result, the scope of the action, including which parts of the banking sector or which specific Iran-related transaction channels would be targeted, could not be confirmed from an official White House or Department of State posting in the materials reviewed for this story.

The statement comes amid the administration’s broader economic sanctions posture toward Iran. In a late-August White House release, the administration described an initiative titled “Operation Economic Outcast,” characterizing it as a campaign to sever remaining economic lifelines sustaining Iran’s economy. That White House framing was not linked to a specific bank in the available record, but it provides policy context for the administration’s stated goal of isolating Iran’s financial activity.

In addition to sanctions messaging, the administration has also used other official communications to emphasize national security and drug interdiction priorities, including statements during Overdose and Drug Poisoning Awareness Week. Those broader public safety themes were not directly tied to Iran-related financial enforcement in the available evidence, but they underscore that the administration’s executive communications are continuing alongside the Iran sanctions push.

A further practical point, when Treasury sanctions are issued, is that banking designations can affect U.S. and non-U.S. financial institutions through compliance requirements, risk controls, and screening procedures. Sanctions actions typically carry legal constraints for transactions involving designated entities, and they can lead to broader adjustments by banks to avoid prohibited dealings, particularly where counterparties are connected to Iran in any way.

It was not possible in the reviewed materials to find an official White House or Department of State confirmation naming the bank or publishing the designation details for this specific “this week” action. The report also did not include a citation to a Federal Register notice or a Treasury designation announcement.

The next step is for the Treasury Department to publish the designation, including the legal basis and the targeted entities, or for a White House or State Department page to confirm the bank’s name and the operational details. Until such official documentation is available, the action remains an account of what Bessent told AP rather than a fully verifiable, bank-specific government record.

keyFacts

Why It Matters

Bank sanctions can change how financial institutions screen counterparties and manage transaction risk involving Iran-linked activity, which can affect compliance costs and cross-border payment flows.
The timing described as “this week” suggests the administration intends near-term movement, but verification depends on Treasury’s official designation or other primary documentation.
If carried out as described, the action would add to an ongoing sanctions framework described by the White House for tightening economic pressure on Iran.
Without an official designation published in the reviewed record, affected banks and counterparties may need to wait for formal terms before adjusting portfolios and transaction procedures.

Sources

Key Facts

Treasury Secretary Scott Bessent told The Associated Press that the Trump administration plans to sanction another bank this week to clamp down on Iran transactions.
The bank’s name, the specific designation, and the legal authority for the sanctions were not provided in the available record.
The White House has previously described a broader Iran-focused campaign called “Operation Economic Outcast,” aimed at isolating Iran’s economy.
In the reviewed materials, no White House or Department of State page confirming a bank-specific designation was identified for the “this week” action.