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
US set to impose new Iran bank sanctions this week
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- Bessent said Washington plans to expand economic pressure on Iran through new sanctions targeting banks, companies, IRGC-linked entities and overseas assets.
US Treasury Secretary Scott Bessent said Tuesday that the United States is preparing to unveil new sanctions against banking institutions and corporate entities this week as part of an aggressive economic campaign against Iran.
Speaking on the sidelines of the G20 finance leaders’ meeting in Asheville, North Carolina, Bessent said Washington expects to impose new bank sanctions this week and again the following week.
“We are probably going to announce a bank sanction this week, and we will announce one the week after,” Bessent said, adding that the US has received strong support from its allies.
The Treasury Secretary emphasized that Washington is actively tracking IRGC assets worldwide and considers no entity immune from secondary sanctions, signaling an intent to completely sever non-compliant institutions from the dollar-based global financial system.
"It could be entities. It could be … airline leasing companies, which we'll be looking at. It could be anyone who does business with the IRGC. We are tracking down the IRGC's assets," Bessent said. "We have zero tolerance. We are going to economically asphyxiate this regime."
In a direct threat aimed at Iranian leadership and military personnel, Bessent claimed US intelligence is targeting offshore financial accounts and luxury real estate holdings globally:
"We know where in the British Virgin Islands your accounts are at these trust companies. We know the 100 million dollar houses you have around the world, and we are going to freeze those."
The economic pressure campaign coincides with heightened US military aggression in the region, including recent airstrikes targeting Iranian positions on Larak Island near the strategic Strait of Hormuz and the enforcement of a US naval blockade.
Bessent also noted that US officials have held private discussions with Chinese counterparts regarding maritime navigation in the Strait of Hormuz and Iran's nuclear program.
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