Trump calls Venezuelan oil a gift to the US that will replenish strategic reserves

The Trump administration is preparing to increase economic pressure on Iran and plans to introduce new sanctions against another bank. This was reported by US Treasury Secretary Scott Bassent on Sunday. He stated that as part of measures to affect transactions related to Iran, a ban on the activities of yet another bank will be implemented this week.

Bassent gave an interview to the Associated Press ahead of the G20 meetings in Asheville, North Carolina. At these meetings, he will hold separate talks with his counterparts from the world's largest developed and developing economies, urging them to participate in the economic isolation of Iran.

Bassent emphasized: 'If we have to do it, it will be a financial action. We are showing people that we know who you are, you know who you are, and this must stop.'

Recently, Bassent announced the start of a new campaign aimed at countries that continue to do business with Iran, which is under heavy sanctions. These countries were called upon to cease financial ties with Iran or face countermeasures from the US. The Treasury Department took the first official step in this campaign on Friday.

As part of this initiative, a draft rule was published that, upon final approval, will deny access to the American financial system for the branches of Egypt's second-largest bank, Bank Misr, located in the United Arab Emirates. However, the decision to withdraw direct sanction pressure on the Egyptian bank created the impression that the Republican administration is wavering on the issue of applying measures to major trading partners such as China and India, which do business with Iran.

Bassent will meet with officials from these two countries this week. Nevertheless, he noted that at the G20 summit, he will speak with his Chinese counterparts, and all options remain open regarding imposing sanctions on China for the continuous purchase of oil from Iran.

The United States plans to impose sanctions on another bank with the aim of blocking commercial transactions with the Iranian regime. These statements were made ahead of the G20 meeting in Asheville, North Carolina, an event where Scott Bessent will meet individually with leaders of major global economies and developing countries to foster Iran's economic isolation.

Bessent told the AP that, if necessary, this would constitute 'financial violence,' emphasizing that 'we are showing people who we are, they know who they are, and this has to stop,' although he did not reveal which banking institution would be targeted.

Last week, Scott Bessent detailed the 'Economic Pariah Operation' aimed at Iran, seeking to impose restrictions on all those who trade with the Tehran regime, whose economy is already under severe sanctions. On the same day, Bessent pressured nations maintaining trade relations with Iran to sever their financial ties or face American retaliation.

Donald Trump dubbed this new economic initiative against Iran the 'Economic D-Day.' The Treasury's first official action in this effort was a proposed regulation released on Friday, which, if approved, would prevent banks in the United Arab Emirates from accessing the US financial system through the Misr bank, Egypt's second-largest bank.

On Saturday, the Central Bank of the UAE began an inspection of the Egyptian public bank Misr's branches in the country. The central issue is the US allegation that the Misr branch in the UAE functions as a crucial financial hub for the Iranian government, as Washington claims it processed about $1.8 billion (approximately €1.5 billion at the current exchange rate) for 103 companies that may belong to parallel Iranian banking networks between January 2024 and June 2026.

In practice, this determination should prohibit the Misr branch from using the dollar in its daily operations. The Central Bank of Egypt reacted promptly, assuring that it was 'in contact with Americans regarding these measures.'

The confrontation between the United States and Iran marks six months without Washington succeeding in dismantling the Iranian nuclear program or forcing a regime change in Tehran. This conflict has resulted, among other impacts, in a global energy crisis, global consequences for the cost of living, an even more unstable Middle East, and a political dilemma with electoral relevance for President Donald Trump, who is running for control of the US Congress in the early November elections.

'Operation Epic Fury' began on February 28, when the United States and Israel launched a large-scale air offensive against military, nuclear facilities, and Iranian leaders, resulting in deaths, including that of Supreme Leader Ali Khamenei. In response to the Israeli and American offensive, the Tehran regime retaliated with attacks in the region and the blockade of the Strait of Hormuz.