The U.S. Treasury Department is likely to introduce new weekly secondary sanctions (penalties targeting third parties dealing with a sanctioned country) to increase economic pressure on Iran, initially focusing on banks. U.S. Treasury Secretary Scott Bessent told Reuters that institutions could ultimately be cut off entirely from the dollar-based financial system. The comments followed Friday’s penalties against the United Arab Emirates branches of Egypt’s Banque Misr over alleged financial links to Iran. Bessent said he plans to press G20 finance ministers and central bank governors to sever economic ties with Iran or face secondary sanctions.