Kathmandu— Washington is set to sanction another financial institution in Iran, aiming to increase economic pressure on the country amid stalled truce talks. In an interview with The Associated Press, US Treasury Secretary Scott Bessent stated that the new sanctions are part of a broader effort called “Operation Economic Outcast,” which seeks to isolate Tehran financially.

Sanctions Campaign Intensifies

The latest move follows recent actions against Basque Misr, an Egyptian bank accused of doing business with Iran. Bessent emphasized that the US is prepared to use “financial violence” if necessary and warned banks globally not to engage in transactions involving Iranian funds or support for the regime.

Bessent also hinted at more sanctions to come, indicating that the Treasury Department will continue imposing penalties on entities linked to Iran’s oil revenue generation, weapons procurement, and cyber-operations. Last week, nearly 60 individuals and entities were sanctioned under this campaign.

International Cooperation

Bessent is scheduled to meet with finance leaders from the G20 countries in Asheville, North Carolina, where he will discuss cooperation against Iran. He plans to engage individually with counterparts from major economies and developing nations to encourage joint action.

The US Treasury chief also stated that all options are on the table regarding potential sanctions against China for its continued trade with Tehran. However, Bessent dismissed claims of reluctance by the US to confront Beijing, asserting that both countries agree on reopening the Strait of Hormuz and preventing Iran from acquiring nuclear weapons.

(With inputs from Al Jazeera)

Originally published on abcnews.com.np.