US to sanction a large bank over Iranian business ties

The United States administration is set to announce sanctions against a “large bank” on Monday, September 14, due to its involvement in business with Iran. Treasury Secretary Scott Bessent confirmed the delay of the announcement, originally scheduled for Friday, due to September 11th memorial ceremonies.

While the specific name and country of the bank have not been disclosed, Bessent warned global corporations that continuing to do business with the Iranian government carries “extinction-level” risks. This move is part of “Operation Economic Outcast,” a broader campaign to sever Iran’s global economic lifelines by targeting entities in sectors such as shipping, technology, and gold.

Recent enforcement actions include sanctions against the Turkish firm Golden Global Yatirim Bankasi Anonim Sirketi and measures against Banque Misr UAE branches for allegedly processing approximately $1.8 billion for Iranian shadow banking networks. The escalation signals a shift toward targeting major international financial institutions to force a choice between maintaining Iranian ties or accessing the U.S. dollar clearing system.