The United States is preparing to impose sanctions on at least one more bank this week as part of an intensifying campaign to economically isolate Iran, Treasury Secretary Scott Bessent announced on Sunday. Speaking to the Associated Press ahead of a Group of 20 finance ministers' meeting in Asheville, North Carolina, Bessent declined to name the targeted institution but made clear that further action was imminent. "You're going to see a lot more of these every week," he said. "We're starting with the banks, and we're telling the banks it's not OK to have Iranian money and to aid the regime."

The announcement follows Washington's recent move to cut off the United Arab Emirates branches of Banque Misr — Egypt's second-largest bank — from the US financial system, after accusing the institution of conducting business with the Iranian government. That action, framed as a proposed rulemaking rather than a full sanctions designation, stopped short of a complete ban and was seen by some observers as reflecting Washington's caution about penalising major trading partners, including China and India, that maintain commercial ties with Tehran. Bessent signalled the next step could involve severing an institution entirely from the dollar-based global financial system — a far more severe measure.

The escalating economic campaign, which the administration has dubbed "Operation Economic Outcast," follows last week's Treasury Department sanctions on nearly 60 individuals and entities accused of helping Iran generate oil revenue, procure weapons, and conduct cyber operations. Bessent described the approach in stark terms: "This is going to be financial violence if we have to." Iran's Finance Minister Ali Madanizadeh dismissed the measures, saying they would fail.

The economic pressure is unfolding against a backdrop of renewed military hostilities. US forces struck Iranian rocket launchers near the Strait of Hormuz — the narrow waterway through which roughly a fifth of the world's oil passes — in their first military action in roughly a month, breaking a lull in fighting. Iran launched missiles at two US bases in Jordan in response, marking the first exchange of fire since late July. Truce negotiations between the two sides remain deadlocked.

At the G20 meeting, Bessent said he would press his Chinese counterpart on Beijing's continued purchases of Iranian oil, adding that "all options are on the table" regarding potential sanctions on Chinese entities. He rejected suggestions that Washington was reluctant to confront China on the issue, insisting both countries share an interest in reopening the Strait of Hormuz and preventing Iran from developing a nuclear weapon. How far the US is willing to go against major economic partners remains a central and unresolved question in the campaign.