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Bessent says 'a large bank' will be sanctioned on Monday as part of Iran strategy

U.S. Treasury Secretary Scott Bessent said a large bank would be sanctioned next week.

1d ago 2 min 0
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Bessent says 'a large bank' will be sanctioned on Monday as part of Iran strategy

U.S. Treasury Secretary Scott Bessent speaks during a "fireside chat", as finance ministers and central bank governors from G20 countries meet in Asheville, North Carolina, U.S., September 1, 2026.

Sam Wolfe | Reuters

"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 comes after the Trump administration sanctioned the Dubai, United Arab Emirates, branches of the second-largest bank in Egypt which is believed to have given Iranians $1.8 billion of funds, the Treasury secretary said. Bessent said the 30th-largest Turkish bank "that had been giving to the Iranians" will also be closed. The Treasury Department on Sept. 4 said it was sanctioning Turkey-based financial institution Golden Global Yatirim Bankasi Anonim Sirketi and its subsidiaries.

Since the Mideast conflict began in February, the U.S. has 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 was also expanded on those involved in business with Iran in industries including shipping and technology.

Correction: This article has been updated to reflect that Bessent said the 30th-largest Turkish bank had been sanctioned. An earlier version misstated the bank's ranking.

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