Scott Bessent says measures will intensify economic pressure as part of Operation Economic Outcast; warns financial institutions against handling Iranian funds.
US Treasury Secretary Scott Bessent said the United States is likely to impose new secondary sanctions targeting Iran on a weekly basis, with an initial focus on banks, as Washington seeks to tighten economic pressure on Tehran.
Speaking to Media on Sunday ahead of a meeting of Group of 20 finance ministers and central bank governors, Bessent stated: “You’re going to see a lot more of these every week. 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 remarks come days after the Treasury Department took action against the United Arab Emirates branches of Egypt’s Banque Misr over alleged financial links to Iran. Bessent indicated that further steps could include cutting institutions entirely off from the dollar-based financial system.
US Expands Economic Pressure on Iran:
The latest comments form part of a broader campaign launched last week and dubbed Operation Economic Outcast. Announced at the direction of President Donald Trump, the initiative aims to sever remaining economic lifelines supporting the Iranian government, including networks involved in oil sales, sanctions evasion and related financial activity.
US officials have expanded the scope of potential secondary sanctions to cover additional sectors such as digital assets, technology, gold, aviation and shipping. Secondary sanctions allow Washington to penalise non-US entities that engage in significant transactions with sanctioned Iranian parties, effectively leveraging the global dominance of the US dollar and financial system.
Bessent said he would press G20 counterparts to cut economic ties with Iran or risk facing such measures. “There can be no leakage,” he added in related comments. “You’re either with us or you’re with the Iranians.”
Washington Warns Over Financial Ties With Iran:
The United States has maintained a policy of maximum economic pressure on Iran for years, citing concerns over its nuclear programme, ballistic missile development, regional influence and support for allied groups. Tehran has consistently rejected the legitimacy of unilateral US sanctions, describing them as illegal and economically harmful to ordinary Iranians, while seeking alternative trade and financial channels.
Recent Treasury actions have targeted shadow banking networks, exchange houses, vessels and facilitators across multiple jurisdictions. Iranian officials have previously accused Washington of economic warfare and sought closer economic partnerships with countries such as China, Russia and others in the Global South.
Bessent’s comments signal an accelerated tempo of enforcement. While the United States has not yet detailed the next specific targets, the emphasis on banks underscores efforts to disrupt Iran’s access to international financial channels.
As G20 officials convene, the message from Washington is clear: continued financial engagement with Iran carries growing risks of exclusion from the US-dominated global financial system. Further announcements are expected in the coming weeks.