US may announce new Iran bank sanctions this week, next week: Scott Bessent

US Treasury Secretary Scott Bessent said on Tuesday that Washington is likely to announce new sanctions targeting banks linked to Iran this week and next week, as he spoke on the sidelines of the G20 finance ministers’ discussions on global economic challenges.

The G20 talks bring together finance ministers and officials from the world's major economies to discuss trade, tariffs, economic growth, inflation, debt, financial stability and international cooperation amid heightened geopolitical and economic uncertainty.

“We are probably going to announce a bank sanction this week, and we will announce one the week after,” Bessent said in an interview.


Bessent said the US Treasury was also examining airline leasing companies as part of its sanctions campaign against Iran. He said the department had five new authorities and was using them across digital assets, aviation and maritime sectors.

He cited a branch of an Egyptian bank in Dubai that he said had funnelled more than $1.8 billion to the Iranian regime. Bessent said the US was using a Patriot Act authority that had not previously been used and was shutting down the branch, while avoiding sanctions on its Egyptian parent.

“Everyone should expect that we know who you are,” Bessent said, referring to entities doing business with Iran. He added that Washington was speaking with its allies and had received support from the European Union, European Central Bank, UK, UAE and Bahrain.

Bessent also said the US had held private discussions with China on Iran.

On the broader economic impact of US action, Bessent said Iran was facing severe financial pressure, pointing to the decline in the rial and high inflation. He said the Iranian currency had fallen from around 800,000 to the dollar in spring 2025 to more than 2 million currently.

Bessent attributed the pressure to a combination of military action, a US blockade and intensified sanctions. He said the sanctions campaign was being expanded across financial and other sectors.

The comments come amid renewed tensions between Washington and Tehran following a fresh exchange of attacks. Iran has said it would reciprocate if the US honours commitments under a June interim agreement aimed at halting the conflict, while President Donald Trump has threatened further strikes.

The conflict has increasingly shifted towards sanctions, blockades and economic pressure, but the latest military exchanges have raised concerns about a wider escalation and disruption to oil supplies through the Strait of Hormuz.

The Strait, a key global oil shipping route, has effectively been closed to shipping by Iran. Oil prices rose on Tuesday following reports that two tankers came under fire while leaving the waterway, according to a Reuters report.

Iranian President Masoud Pezeshkian said on Tuesday that Tehran would immediately reciprocate if Washington returned to its commitments under the June memorandum of understanding.

Separately, Bessent said the US does not want to “pull apart” from China on trade but needs to de-risk its economic relationship with Beijing.