Reuters reported that U.S. Treasury Secretary Scott Bessent said this ministry will likely announce new secondary sanctions every week to increase economic pressure on the Islamic Republic, and that banks will be targeted first.

Bessent said that after the U.S. action against the Egyptian bank “Bank Misr” in the United Arab Emirates due to financial links with Tehran, the next step could be to completely cut off a financial institution’s access to the dollar-based financial system.

Ahead of the meeting of officials from the Group of 20 financial authorities, Bessent said Washington will warn banks that holding Iranian funds and providing financial support to the Islamic Republic is not acceptable, adding: “You will see many more cases of these actions every week.”

Bessent also said that at the G20 meeting he will ask the finance ministers and central bank governors to cut their economic ties with Tehran and will warn that otherwise they may face U.S. secondary sanctions. These remarks are part of a new campaign by Washington to increase financial pressure on the Islamic Republic, alongside the continuation of the war.