US Treasury Secretary Scott Bessent said on Sept. 10 that the United States will sanction “a major bank” next week. According to CNBC, he said on Real America’s Voice: “We’re going to act on Monday, because we want to commemorate our fellow citizens lost on 9/11. Watch this space on Monday.”
Bessent did not name the bank and did not say which country it is in.
Bessent referenced earlier action involving Egypt and Turkey
In the same remarks, Bessent said the Trump administration had previously sanctioned the Dubai branch of Egypt’s second-largest bank. He said the branch was believed to have provided $1.8 billion in funding to Iran.
He also described Turkey’s largest bank as one that had “been giving to the Iranians” and said it had already been dealt with.
However, in a Sept. 4 Treasury announcement, OFAC identified the sanctioned Turkish financial institution as Golden Global Yatirim Bankasi and two of its subsidiaries. Treasury said the bank facilitated transactions worth tens of millions of dollars for the Islamic Revolutionary Guard Corps-Qods Force and provided the Iranian regime with a critical correspondent banking channel. That announcement did not describe the bank as the country’s largest.
Trump also commented on Iran the same day
On the same day, Trump said in an interview with Fox News host Laura Ingraham that he had no regrets about launching war against Iran, adding, “If I had to do it again, I would do exactly the same thing.”
In a separate interview with NewsNation, he was asked how long Iran could hold out. He replied: “I don’t know if they can hold out, but this will be resolved after the election, and maybe sooner.”
Chain News had previously reported that crude oil prices had risen above $100 a barrel, and Trump had also said at the time that the war would end after the election.
OFAC shifts Iran licensing to a presumption of denial
Later the same day, the Treasury Department’s Office of Foreign Assets Control released a new Iran licensing policy statement, shifting its position to a presumption of denial. OFAC said exceptions would be limited to situations required by law or involving life, personal safety, or environmental safety.
OFAC also said its licensing division had immediately begun denying the vast majority of pending Iran-related specific license applications.
The agency said the policy would remain in place until Iran changes its behavior, including by stopping interference with the Strait of Hormuz, halting attacks on US personnel and partners in the Gulf region, and stopping the development of nuclear and conventional weapons.
Settlement disclosed in the same announcement
The same notice also disclosed an enforcement settlement. One individual agreed to pay $1,427,230 to resolve potential civil liability tied to providing management consulting and advisory services to a major Iranian software company.
OFAC said the same person also transferred Iran-sourced dividends into a US bank account and purchased real estate in Iran. The agency said the apparent violations were egregious and were not voluntarily self-disclosed.
Part of “Operation Economic Outcast”
Bessent said the broader series of actions falls under what Treasury calls “Operation Economic Outcast.” According to an OFAC announcement, the campaign was launched by Bessent on Aug. 24, 2026, internally described as “Economic D-Day,” with the goal of cutting off the remaining economic lifelines sustaining the Iranian regime.
CNBC reported that last month the pressure campaign had already imposed sanctions on nearly 60 entities, vessels, and individuals, while also expanding secondary sanctions on parties in sectors such as shipping and technology that maintain ties with Iran.
In the Sept. 4 announcement, Bessent said: “Financial institutions are learning in the most embarrassing way that we are serious about Operation Economic Outcast. We hope we do not need to sanction more banks, but that ultimately depends on how quickly the international community regains its senses and stops supporting this brutal Iranian regime.”