BREAKING: US Treasury Secretary Bessent announces a "major financial institution" is expected to be sanctioned this week over Iran. The institution is likely to be Chinese, either one of the two unnamed large Chinese banks that received formal US Treasury warning letters back in April 2026, or the Industrial and Commercial Bank of China (ICBC), the world's largest bank by assets. China already warned today "we are monitoring US threats to impose sanctions on Iran and will do what is necessary to protect our rights and interests."
The Hormuz Letter · View on X