US plans to sanction another bank in effort to clamp down on Iran transactions, Bessent tells AP

ASHEVILLE, N.C. (AP) – President Donald Trump's administration intends to impose sanctions on another bank this week as it intensifies efforts to economically isolate Iran, U.S.

What happened

"This is going to be financial violence if we have to, " Bessent remarked 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 remarked he aims to focus on encouraging economic expansion in his meetings. It 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.

The bottom line

For now, US plans to sanction another bank in effort to clamp down on remains the part of the story worth watching, and further updates are likely as more details are confirmed.