U.S. to sanction unnamed large bank on Monday to honor 9/11 victims, Treasury Secretary says
Quick Look
- Treasury Secretary Scott Bessent announced that a large, unnamed bank will be sanctioned by the U.S. on Monday to honor the memory of 9/11 victims, following prior sanctions on Egyptian and Turkish banks linked to Iran.
- The move is part of 'Operation Economic Outcast,' which has targeted nearly 60 entities since last month.
AI-generated summary
Why It Matters
Since the Mideast conflict began in February, the U.S. has implemented economic measures against Iran, including sanctions. Last month, the Trump administration escalated pressure via 'Operation Economic Outcast,' sanctioning nearly 60 entities, vessels, and individuals, and expanding secondary sanctions on those doing business with Iran in shipping and technology.
A large bank will be sanctioned by the U.S. next week, U.S. Treasury Secretary Scott Bessent said Thursday.
We're going to do it on Monday because we want to honor the memory of our fallen citizens on 9/11. But watch this space on Monday, Bessent said during an appearance on "Real America's Voice," without naming the financial institution nor the country.
The announcement come after Trump's administration sanctioned the Dubai branches of the second largest bank in Egypt which is believed to have given Iranians $1.8 billion of funds. According to Bessent, Turkey's largest bank "that had been giving to the Iranians" will also be closed.
Since the Mideast conflict began in February, the U.S. implemented a series of economic measures against Iran, including sanctions. However, the Trump administration escalated its pressure last month via what Bessent called "Operation Economic Outcast," which imposed sanctions on almost 60 entities, vessels and individuals. The scope of secondary sanctions were also expanded on those involve in business with Iran in industries including shipping and technology.
What to Watch
AI outlook — possibilities, not facts
The U.S. will publicly name the sanctioned bank and disclose the specific allegations against it on Monday.
Likely · Within days
Open Questions
- What is the name of the large bank to be sanctioned on Monday?
- In which country is the unnamed bank headquartered?
- What specific evidence links the unnamed bank to Iran?
- Will the sanctions include secondary penalties on third parties doing business with the bank?
