OfficialDiplomacy & politicsWashington, D.C., United States
Bessent vows to 'economically asphyxiate' Iran and signals new bank sanctions
- Mountain Time
- Local time
- 12:11 PM in New York
- Where
- Washington, D.C., United States
Treasury Secretary Scott Bessent told Fox Business that Washington would 'economically asphyxiate this regime' and would probably announce a bank sanction that week and another the next. He said a UAE branch of an Egyptian bank that funneled over $1.8 billion to Iran was being shut down.
Why it matters
The promised bank designations are the next concrete test of how far Treasury widens secondary sanctions after the Aug. 24 package.
Sources (2)
- CBS Newscbsnews.com
- CBS News live updatescbsnews.comPublished
Confidence: Stated by a named government, military, or institution. Not independently confirmed. About confidence labels
Correction
- Corrected the time from 11:00 AM New York time, Sep 1, 2026 to 12:11 PM New York time, Sep 1, 2026; corrected the headline (it read "Treasury's Bessent Vows to 'Economically Asphyxiate' Iran's Regime"); revised the summary; revised the context note; corrected the location from Washington, D.C. to Washington, D.C., United States; updated the sourcing note; added a source: CBS News live updates. Why and evidence