U.S. Treasury Secretary Scott Bessent said Thursday that “a large bank” will be sanctioned by the United States next week, without identifying the institution or its home country.
Speaking on “Real America’s Voice,” Bessent said the timing was deliberate. “We’re going to do it on Monday because we want to honor the memory of our fallen citizens on 9/11. But watch this space on Monday,” he said, according to CNBC.
Egyptian and Turkish Lenders in Focus
The disclosure follows recent action by the Trump administration against the Dubai branches of Egypt’s second-largest bank, which officials believe channeled $1.8 billion in funds to Iranians. Bessent also said Turkey’s largest bank, which he described as having been “giving to the Iranians,” will be closed.
The Treasury chief did not name the bank set to face sanctions on Monday or indicate which country it operates in, leaving the scope of the coming action unclear.
A Broadening Campaign
According to CNBC, the U.S. has rolled out a series of economic measures against Iran since the Middle East conflict began in February, including sanctions. The Trump administration intensified that pressure last month through what Bessent has called “Operation Economic Outcast.”
That push imposed sanctions on nearly 60 entities, vessels and individuals. The administration also expanded the reach of secondary sanctions to cover those doing business with Iran in sectors including shipping and technology — a move aimed at cutting off the financial and logistical networks that support Iranian trade.
Secondary sanctions expose third-country banks and firms to U.S. penalties even when their dealings with Iran are not directly covered by U.S. law, a tool that has historically forced foreign lenders to choose between access to the American financial system and continued business with targeted countries. The warning that a large bank will be designated Monday fits that pattern.
Bessent’s comments extend a run of enforcement announcements that have moved beyond individuals and small entities toward major financial institutions. Closing a country’s largest bank or sanctioning one of its Dubai branches can ripple through trade finance, correspondent banking relationships and currency markets in the affected region.
The administration has not published the name of the next target, and Treasury did not offer additional detail beyond Bessent’s televised remarks. Whether the Monday action will mirror the Egypt and Turkey measures — or target a bank in a different jurisdiction entirely — will not be known until the designation is made public.
For now, the clearest signal is the schedule. Bessent tied the announcement to the anniversary of the Sept. 11 attacks and asked viewers to watch for it at the start of next week, leaving banks and counterparties exposed to Iranian-linked business to weigh their exposure over the weekend.
Source: www.cnbc.com — https://www.cnbc.com/2026/09/11/bessent-large-bank-sanctioned.html
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