U.S. Treasury Secretary Scott Bessent announced that a large bank will face sanctions on Monday, coinciding with the remembrance of 9/11. While the specific bank and country were not disclosed, this move follows recent sanctions imposed on the Dubai branches of Egypt's second-largest bank, which allegedly facilitated $1.8 billion in funds to Iran.
Additionally, Bessent indicated that Turkey's largest bank, known for its financial support to Iran, will also be shut down. This announcement is part of a broader strategy initiated by the Trump administration, termed 'Operation Economic Outcast,' which has already targeted nearly 60 entities, vessels, and individuals since the escalation of the Mideast conflict in February.
The U.S. has expanded secondary sanctions affecting businesses engaged with Iran across various sectors, including shipping and technology, underscoring the increasing economic isolation of Iran amid ongoing tensions