President Donald Trump's administration plans to impose sanctions on another bank this week as it intensifies efforts to economically isolate Iran, U.S. Treasury Secretary Scott Bessent told The Associated Press on Sunday. This was reported by Qazaqyia.kz citing Associated Press.
"This is going to be financial violence if we have to," Bessent said in the interview. "We are showing people that we know who you are, you know who you are, and this has got to stop."
Bessent spoke with the AP ahead of Group of 20 meetings in Asheville, North Carolina, where he will huddle individually with his counterparts from the world's major and developing economies to encourage cooperation against Iran.
He said he plans to focus on encouraging economic growth in his meetings, which are taking place as he faces scrutiny for an unusual bond buyback program and his approach to $40 trillion in U.S. debt, and he defended the Treasury's decision to exclude certain reporters from covering the event.
Bessent did not name the bank that would face sanctions this week. His comments come after the Trump administration signaled that it would shift from military strikes to economic pressure during a war that recently reached the six-month mark, promising what it called an "economic D-Day" against a country that has already weathered decades of punishing sanctions.