Bessent Escalates Financial Pressure on Iran, Says Bigger Bank Sanction Coming This Week

Treasury Secretary Scott Bessent said a major bank would be cut off by the end of last week as part of a campaign the administration calls an "economic D-Day," but the week ended with a smaller measure instead: a proposed rule targeting the Emirati branches of Egypt's Banque Misr. On Aug. 30, Bessent told the Associated Press the real target is coming this week, calling the effort "financial violence if we have to."
The Aug. 28 filing is a notice of proposed rulemaking under Section 311 of the USA PATRIOT Act, finding Banque Misr's five UAE branches to be of primary money laundering concern. Treasury said those branches processed approximately $1.8 billion for 103 companies potentially tied to Iranian shadow banking networks between January 2024 and June 2026, including roughly $520 million in the most recent 12 months. The rule carries a 30-day public comment period and applies only to the bank's UAE branches and dollar transfers.
Bessent said he would raise Iranian oil purchases directly with Chinese counterparts at G20 meetings in Asheville, North Carolina, and that "all options are on the table" regarding sanctions on Beijing, noting China has historically bought roughly 90% of Iran's exported crude.
Oil climbed Monday, Aug. 31, after U.S. forces struck Iranian rocket launchers near the Strait of Hormuz, with Brent rising to about $90.69 a barrel and WTI to roughly $85.54, gains near 3%. The U.S. national average for gas hit $4.08 on Aug. 31, staying above $4 every day in August for the first time on record, according to AAA.