U.S. To Sanction 'A Large Bank' Next Monday, Treasury Says

Overview

• Treasury Secretary Scott Bessent said on Thursday that an unnamed “large bank” will be designated next Monday and asked observers to “watch this space.”
• Bessent said the timing was chosen to avoid carrying out the action on the Sept. 11 anniversary and to honor the memory of the attacks.
• The announcement builds on Operation Economic Outcast, a late-August campaign that has already targeted about 60 entities and added authorities to punish firms that help Iran in shipping, technology, gold and digital assets.
• The Treasury has recently sanctioned foreign banking links, including Turkey-based Golden Global and Dubai branches tied to large Iran-related flows, and officials warned that further weekly secondary sanctions are expected.
• The campaign’s success depends on cooperation from major banks and buyers such as those in China and India and risks legal challenges, diplomatic strain with partners, and potential Iranian retaliation.