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The United States is poised to impose further economic sanctions on another Iranian bank, intensifying its campaign to isolate Tehran and press for compliance with its demands, according to US Treasury Secretary Scott Bessent. The move, which comes as truce negotiations between the US and Iran remain deadlocked, reflects the Biden administration's commitment to "Operation Economic Outcast," a strategy aimed at financially squeezing the Islamic Republic.
In a statement to the Associated Press, Bessent did not disclose the identity of the bank set to be targeted. The announcement follows a series of recent actions by the US government, including the severing of the United Arab Emirates' operations of Egypt's Banque Misr from the US financial system, after allegations that the bank engaged in transactions with the Iranian government.
"This is going to be financial violence if we have to," Bessent told the AP, emphasizing the administration's determination to hold financial institutions accountable for doing business with Iran. "We are showing people that we know who you are, you know who you are, and this has got to stop."
The Treasury Secretary's remarks came ahead of a Group of 20 finance leaders meeting in Asheville, North Carolina, where Bessent plans to engage with counterparts from major and developing economies to foster cooperation against Iran. During the meeting, Bessent intends to discuss the need to prevent Iran from developing a nuclear weapon and to reopen the Strait of Hormuz, a vital oil transit route.
The latest round of sanctions by the US Treasury Department targeted nearly 60 individuals and entities accused of assisting Iran in generating oil revenue, procuring weapons, and conducting cyber-operations. Despite these efforts, Iran has rejected the new sanctions, with Minister of Finance and Economic Affairs Ali Madanizadeh stating that they will not succeed in altering Tehran's course.
The recent escalation in hostilities between the US and Iran has led to a resumption of violence, with Iran launching missiles at two US bases in Jordan in response to a US attack on Larak Island in southern Iran. This marks the first such exchange of fire since late July and underscores the tense atmosphere surrounding the Middle Eastern conflict.
In addition to its direct economic pressure on Iran, the US has been working to build international support for its stance. Bessent told the AP that he would discuss Iran sanctions with his Chinese counterparts at the G20 meeting, noting that "all options are on the table" regarding potential sanctions against Beijing for its continued trade with Iran. However, he dismissed the notion that the US is hesitant to confront China, describing it as a "completely false narrative."
The administration's strategy of economic coercion is part of a broader effort to prevent Iran from obtaining nuclear weapons and to ensure stability in the Middle East. Critics of the approach argue that it could lead to further regional instability and exacerbate the suffering of the Iranian people, who are already grappling with the economic impact of previous sanctions.
As the US continues its efforts to economically isolate Iran, the outcome of the truce negotiations and the effectiveness of its sanctions strategy remain to be seen. The situation is particularly delicate given the escalating tensions and the potential for further violence in the region.
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