From CNBC · Justina Lee · · 1m 10s
Bessent teases a Monday bank sanction
The Treasury Secretary promised a big bank would be hit, then refused to say which one or where.
In brief
The Treasury Secretary promised a big bank would be hit, then refused to say which one or where. Washington is now going after the banks that move Iranian money, not just Iran itself, and it is doing it in public. Originally reported by CNBC.
A bank, unnamed
Treasury Secretary Scott Bessent said on Thursday that the U.S. will sanction "a large bank" the following Monday. He named neither the institution nor its country.
“"A large bank" will be sanctioned by the U.S. next week”
Waiting until after 9/11
Bessent said the timing was deliberate, holding the action back so the anniversary of the attacks could pass first.
“We're going to do it on Monday because we want to honor the memory of our fallen citizens on 9/11.”
Egypt's bank already hit
The administration recently sanctioned the Dubai branches of Egypt's second largest bank, believed to have moved $1.8 billion to Iranians.
Turkey's biggest is next
Bessent said Turkey's largest bank, which he claims had been giving funds to Iranians, will also be shut out.
“that had been giving to the Iranians”
Operation Economic Outcast
Last month's escalation put sanctions on almost 60 entities, vessels and individuals, a sharp step up from the measures running since February.
The net widens
Secondary sanctions now reach further into shipping and technology, targeting anyone doing business with Iran rather than Iran alone.
What it means
Washington is now going after the banks that move Iranian money, not just Iran itself, and it is doing it in public.
