Bessent says US will roll out new Iran sanctions weekly, starting with banks

Treasury Secretary Scott Bessent told Reuters the US would issue new secondary sanctions on Iran every week, "starting with the banks", and told AP he planned to sanction another bank this week, warning of "financial violence if we have to". Treasury's first formal step, a proposed rule on Aug 28, would cut the UAE branches of Egypt's Banque Misr off from the US financial system.

Why this matters. Bessent spoke before hosting G20 finance ministers, where he planned to press partners including China and India to join Iran's economic isolation.