The U.S. Treasury Department is set to introduce new secondary sanctions against Iran on a weekly basis, with an initial emphasis on financial institutions, as revealed by Treasury Secretary Scott Bessent in a recent statement.
Following recent penalties on the United Arab Emirates branches of Egypt’s Banque Misr due to their alleged financial links to Iran, Secretary Bessent disclosed that subsequent actions might involve completely isolating an entity from the dollar-based financial system.
Speaking before a Group of 20 finance leaders meeting, Bessent emphasized, “We anticipate implementing numerous additional sanctions each week, starting with banks by clarifying that engaging with Iranian funds or supporting the regime will not be tolerated.”
Bessent aims to reinforce this message to G20 finance ministers and central bank governors, urging them to discontinue economic ties with Iran to prevent the imposition of secondary sanctions.
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