Banks likely first targets as US plans weekly Iran sanctions, Bessent to press G20 on Tehran ties

The US Treasury Department is preparing to impose new secondary sanctions on Iran-linked entities every week, with banks likely to be among the first targets, Treasury Secretary Scott Bessent told Reuters on Sunday, August 30.

Bessent said Washington would urge G20 finance ministers and central bank governors to cut economic ties with Iran, warning that institutions that continue facilitating Iranian funds could be cut off from the US dollar-based financial system.

“We’re starting with the banks,”

Bessent said, adding that countries and financial institutions would be told that “it’s not okay to have Iranian money and to aid the regime.”