U.S. Treasury Secretary Scott Bessent said on Tuesday that the United States is likely to announce sanctions on a bank this week as part of a stepped-up economic pressure campaign against Iran. Speaking at an event on the sidelines of the Group of 20 finance leaders meeting in Asheville, North Carolina, Bessent said a second bank sanction was expected the following week.
"We are probably going to announce a bank sanction this week, and we will announce one the week after. We are speaking to our allies here, who have all come forward, and we have had a great show of support," Bessent said.
He said the Treasury is also looking beyond banks to identify other entities for possible measures. "It could be entities. It could be it could be airline leasing companies, which we’ll be looking at. It could be anyone who does business with the IRGC. We are tracking down the IRGC’s assets," Bessent said.
In his remarks, Bessent used notably direct language about steps to constrain the Islamic Revolutionary Guard Corps. "We have zero tolerance. We are going to economically asphyxiate this regime," he said, and added a pointed message aimed at the IRGC: "We know where in the British Virgin Islands your accounts are at these trust companies. We know the 100 million dollar houses you have around the world, and we are going to freeze those."
Earlier in the week Bessent said the Treasury was likely to unveil new secondary sanctions on a weekly cadence, with an initial emphasis on banks. He said the next escalation could involve cutting off an institution entirely from the dollar-based financial system.
Separately, Bessent said the United States has held private discussions with China about measures to prevent Iran from obtaining a nuclear weapon and about ensuring freedom of navigation in the Strait of Hormuz.
This account reflects the statements made by the Treasury secretary regarding upcoming sanctions steps and related diplomatic engagements, including potential targets beyond banks and plans to identify and freeze IRGC-linked assets.