Bessent To Unveil Weekly Iran-Related Secondary Sanctions, After 1st Round Falls Flat

The US Treasury Department plans to roll out new secondary sanctions every week to intensify economic pressure on Iran, US Treasury Secretary Scott Bessent revealed Sunday.

"You're going to see a lot more of these every week," Bessent said ahead of a meeting of Group of 20 (G20) financial leaders in Asheville, North Carolina, confirming that announcements will come on a weekly basis.

The warning and threat follows on the heels of the US having sanctioned a couple UAE branches of a major Egyptian bank last week, after which some pundits called out the weakness and flimsiness of the action.

Treasury named the UAE branches of Egypt's Banque Misr, alleging financial ties to Iran and money laundering, cutting them off from the US financial system for obtaining dollars.

However, Banque Misr itself - which is Egypt's second largest financial institution - is at the moment not facing any direct Washington punitive measures. Treasury had made clear the new measures wouldn't apply to "Banque Misr operations in any other country."

What's more is that even the targeted UAE branches of the Egyptian institution appear to have an appeals window of sorts, and may be given a chance to rectify the matter over a period of 30 days. No other UAE bank has come under the same threats so far.

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