US plans new sanctions on another bank over Iran ties amid stalled truce talks

The United States plans to impose sanctions on another bank this week as part of a stepped-up campaign to economically isolate Iran, according to the US Treasury secretary. The move comes amid deadlocked truce talks and follows recent action against the United Arab Emirates operations of Basque Misr, which Washington accused of doing business with the Iranian government. Treasury Secretary Scott Bessent said the administration is widening pressure on financial institutions it believes are helping Tehran.

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Bessent declined to name the bank that is expected to be targeted, but said the next step could be to cut an institution off entirely from the dollar-based financial system. He said the campaign is intended to send a clear warning to banks handling Iranian money or supporting the Iranian authorities. In comments reported on Sunday, he said more such actions could follow on a weekly basis.

The latest warning comes after the Treasury Department imposed new sanctions last week on nearly 60 individuals and entities that Washington said were part of networks helping Iran generate oil revenue, procure weapons and conduct cyber-operations. Iran has rejected the sanctions, with its minister of finance and economic affairs, Ali Madanizadeh, saying they will fail. The renewed pressure also comes as violence in the conflict resumed on Sunday, with Iran launching missiles at two US bases in Jordan after a US attack on Larak Island in southern Iran.

The sanctions drive is part of what Washington has described as a broader effort to economically pressure Tehran, referred to in the report as Operation Economic Outcast. The campaign has taken on added significance because it is unfolding alongside stalled truce talks, raising the stakes for both financial and diplomatic channels. By targeting banks, Washington is seeking to limit Iran's access to international payments and the wider dollar system, which remains central to global trade and finance.

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Bessent is due to host a meeting of finance leaders from the Group of 20 in Asheville, North Carolina, where he plans to speak with counterparts from major and developing economies. He has said he wants to encourage cooperation against Iran, suggesting the sanctions effort is also being used to build wider international alignment. The timing indicates that the Treasury is pairing direct financial measures with diplomatic outreach.

What remains unclear is which bank will be named and how quickly the sanctions will be announced. It is also not yet clear whether the next step will be a full cut-off from the dollar-based system or a narrower restriction. The coming days will show whether Washington follows through with further weekly measures and whether the pressure campaign changes Iran's position in the stalled talks.

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