US readies weekly Iran-linked bank sanctions as G20 pressure builds
What's next: Treasury is weighing cutting more institutions off from the dollar system after targeting Banque Misr's UAE branches.
The Trump administration is preparing another round of sanctions on a bank tied to Iran transactions this week and expects fresh secondary penalties to follow weekly, Treasury Secretary Scott Bessent said ahead of G20 meetings in Asheville, North Carolina. The push centers first on banks that handle Iranian money and could escalate to cutting institutions off from the dollar-based financial system. Treasury's first step came Friday with a proposed rule that would block the UAE branches of Egypt's Banque Misr from the US financial system. Bessent also plans to press G20 counterparts to reduce economic ties with Iran, while leaving open possible action against China, Iran's biggest trading partner and a major buyer of its oil.