Treasury to Sanction Unnamed "Large Bank" Monday as Iran Pressure Campaign Accelerates

Treasury Secretary Scott Bessent said Sept. 10 that Treasury will sanction an unnamed large bank on Monday, Sept. 14, without identifying the institution or its home country, according to CNBC. Bessent warned that any company still dealing with Tehran risks "an extinction-level event," according to Reuters.
The announcement follows a rapid sanctions cadence since Treasury launched "Operation Economic Outcast" on Aug. 24, when nearly 60 entities, individuals, and vessels were designated and five additional sectors of Iran's economy were exposed to secondary sanctions, according to Cleary Gottlieb. Subsequent actions included a FinCEN proposal to cut Banque Misr's UAE branches from U.S. correspondent accounts on Aug. 28, sanctions on Turkey-based Golden Global Yatirim Bankasi on Sept. 4, and the suspension of five general licenses on Sept. 8.
The FinCEN filing on Banque Misr's UAE branches identified them as "a critical access node to the U.S. dollar (USD) for Iranian illicit finance," citing roughly $1.8 billion moved through 103 suspected Iranian front companies between January 2024 and June 2026, according to Paul Hastings. The European Union has signaled support for the sanctions campaign, while China has called the actions illegal unilateral sanctions, according to Orrick.
Brent crude averaged $91 a barrel in August, rose to nearly $108 on Sept. 10 — its highest in almost four months — according to Bloomberg, before easing to about $104 by Sept. 11, per Trading Economics. Shut-in crude production in the region averaged 6.7 million barrels a day in August, according to the EIA.