Trump Administration to Sanction Major Bank Monday, Mnuchin Says

U.S. Treasury Secretary Scott Bessent announced Thursday that the Trump administration will sanction a major bank on Monday, continuing its campaign of economic pressure against Tehran. The move is intended to compel an end to the conflict, which has persisted for more than six months.

The timing and scope of the sanctions

Bessent made the statement during an appearance on “Real America’s Voice.” He declined to name the financial institution or the country where it is based. The sanctions were originally scheduled for Friday but were postponed in observance of the 11 September 2001 attacks—the deadliest assault on U.S. soil.

Administration’s stated enforcement posture

“We will continue this process until everyone stops dealing with this regime,” Bessent said. He added: “We will make it so unprofitable that if you want to risk your company’s survival—or your own life or personal finances—you may proceed. But we will pursue you.”

Economic measures imposed since February

Since the conflict began in February, the United States has enacted a series of economic measures targeting Iran. These include restrictions on oil exports, shipping networks, arms procurement channels, financial intermediaries, digital assets, and air links.

Escalation under “Economic Exclusion”

Last month, the Trump administration intensified its campaign, which Bessent labeled “Economic Exclusion.” Under this initiative, sanctions were imposed on nearly 60 entities, individuals, and vessels. Secondary sanctions were also broadened to cover those engaging with Iran in shipping, aviation, technology, gold, and digital assets.

Trump’s November timeline for conflict resolution

Despite mounting pressure on Iran, President Donald Trump predicted Wednesday that the war would not conclude before the U.S. midterm elections scheduled for November.

Meanwhile, the Frankfurt branch of Iran’s Saderat Bank faces imminent bankruptcy following European sanctions.