US to impose new sanctions on Iran, targets banking sector
The US Treasury Secretary announced new sanctions on another bank this week as Washington intensifies efforts to restrict Tehran’s financial dealings.
Key Takeaways
AIUS Treasury Secretary Scott Besant said the United States will impose sanctions on another bank this week as part of Washington’s efforts to tighten economic pressure on Iran and limit its financial transactions, according to the Associated Press.
Besant added that he will hold talks with Chinese officials regarding Iran, stressing that "all options are on the table" as Washington urges countries, especially in the oil sector, to halt commercial dealings with Tehran.
The Treasury Secretary rejected claims that Washington is hesitant to sanction China, affirming that the US is not avoiding action against Beijing over its transactions with Iran.
Besant noted that the US and China agree on the need to reopen the Strait of Hormuz and prevent Iran from threatening shipping through the vital waterway, as Washington ramps up both economic and military pressure on Tehran.
Besant’s remarks come days after US action against branches of Banque Misr in the UAE, part of measures targeting financial networks linked to Iran. The US Treasury said the move restricts the bank’s access to dollar clearing services, while Egypt’s central bank clarified that the measure only affects Banque Misr’s UAE branch’s dollar correspondent transactions.