The US government plans to penalize another bank this week as part of an aggressive campaign—termed “Operation Economic Outcast”—to economically isolate Iran amid stalled truce negotiations.

US Treasury Secretary Scott Bessent announced the move, describing the escalating pressure strategy as “financial violence” designed to cut off Iranian revenue and sever institutions aiding Tehran from the dollar-based global financial system. While Bessent did not name the specific bank, the decision follows Washington’s recent move to disconnect the UAE operations of Banque Misr, a major Egyptian bank, over alleged business dealings with the Iranian government. The Treasury also recently sanctioned nearly 60 individuals and entities linked to Iran’s weapons procurement, cyber activities, and oil trade.

Ahead of a G20 finance meeting in North Carolina, Bessent indicated he will lobby foreign counterparts to cooperate against Iran and noted that sanctions against China remain an option over its ongoing trade with Tehran. Meanwhile, Iranian officials dismissed the economic measures as ineffective, and regional hostilities flared up again over the weekend with direct military strikes between US and Iranian forces.