Bessent Says US to Announce Iran-Related Bank Sanctions This Week

US Treasury Secretary Scott Bessent said Sept. 1 that the US is likely to announce sanctions this week on banks doing business with Iran as part of its broader economic pressure campaign.

Bessent also said the US is considering sanctions on aircraft leasing companies and other businesses that deal with Iran's Islamic Revolutionary Guard Corps, or IRGC, according to Reuters.

"It could be companies. It could be aircraft leasing companies. We will look into this," he said. "It could be anyone doing business with the IRGC. We are tracking the IRGC's assets."

Speaking at a G20 finance ministers' meeting in Asheville, North Carolina, Bessent said bank sanctions would likely be announced this week, with additional measures to follow next week. He added that the US had been speaking with allies at the gathering and had received strong support.

"We will apply a zero-tolerance policy," he said. "We are going to economically suffocate the regime."

In an interview with Reuters two days earlier, Bessent said the Treasury Department would roll out new secondary sanctions to increase economic pressure on Iran, initially targeting banks. The next step could be to cut those institutions off entirely from the dollar-based financial system. He also said he had held private discussions with China on ways to prevent Iran from developing nuclear weapons and to ensure freedom of navigation in the Strait of Hormuz.

Bessent also delivered a message to the IRGC on Sept. 1: "We know which trust company in the British Virgin Islands holds your accounts. We also know about your $100 million mansions around the world, and we will freeze them."

Kim Jung-a, guest reporter, Hankyung.com, kja@hankyung.com