Scott Bessent says US likely to announce Iran bank sanctions this week

Treasury Secretary Scott Bessent told G20 finance leaders in Asheville, North Carolina, that the US is poised to unveil sanctions targeting an Iran-linked bank this week, with another round expected the following week. The move marks the latest escalation in what the administration has dubbed “Operation Economic Outcast,” a coordinated campaign to sever the Iranian regime’s access to the global financial system.

Bessent’s remarks came during a gathering of the world’s top economic policymakers. The operation, launched on August 24, 2026, has already drawn in the EU, UK, UAE, and Bahrain as partners.

What Operation Economic Outcast actually targets

The campaign’s primary objective is the Islamic Revolutionary Guard Corps. Bessent described the Treasury’s posture as “zero tolerance” toward any entity doing business with the IRGC.

The initial focus has been on banks and airline leasing companies with ties to the IRGC. In late August, branches of UAE’s Banque Misr were targeted for allegedly processing over $1.8 billion in transactions linked to Iran.

Bessent also noted that the sanctions campaign has expanded beyond traditional financial channels to include aviation, maritime, technology, and digital assets.

The G20 backdrop and coalition building

The inclusion of the UAE and Bahrain in the coalition is particularly significant. Gulf states have historically maintained complex economic relationships with Iran, driven by geography and trade flows that predate modern sanctions regimes.

The Banque Misr enforcement action in the UAE illustrates this dynamic. The $1.8 billion in processed transactions suggests that even banks in allied nations were serving as conduits for Iranian money.

Market implications and the oil question

The digital assets component introduces a newer variable. Iranian entities have been documented using crypto to circumvent sanctions, particularly through stablecoins and decentralized exchanges. The Treasury’s explicit inclusion of digital assets in the sanctions framework suggests upcoming enforcement actions could target specific wallets, protocols, or over-the-counter desks facilitating Iranian transactions.

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