US to sanction a major bank on Monday to choke off Iranian funding
GeopoliticsRegulation
US Treasury Secretary Scott Bessent said the United States will announce sanctions on a large bank on Monday, describing the move as a commemoration of the citizens who died in the 9/11 attacks, but he did not name the financial institution or the country involved. The announcement follows the Trump team's sanctions on the Dubai branch of Egypt's second-largest bank, which is believed to have provided 1.8 billion dollars in funding to Iran, and according to Bessent, Turkey's largest bank, which previously gave money to Iran, will also be shut down. Since conflict in the Middle East began in February, the United States has taken a number of economic measures against Iran, including sanctions, and last month the Trump team stepped up pressure through what Bessent called Operation Economic Outcast, which imposed sanctions on nearly 60 entities, vessels and individuals and expanded the scope of secondary sanctions to those involved in doing business with Iran across various industries, including shipping and technology.
