Iran War News LIVE Updates: US To Impose Weekly Secondary Sanctions On Tehran? Bessent Says, 'We're Starting With Banks'

(MENAFN- Live Mint) Iran war news LIVE Updates: Iran launched strikes early Monday after US forces struck Iranian rocket launchers on the Strait of Hormuz in their first military action in a month on Sunday news outlets in Iran reported sounds of explosions near Larak island on the strait. The Guard in a statement carried by Iran's state broadcaster noted \"the martyrdom and injury of several of our fighters and compatriots,\" according to the Associated Press. Iran swiftly vowed to retaliate against the US for what it called a deadly attack with the Iran Revolutionary Guard Corps (IRGC) were observed preparing to launch rockets with sea mines into the strait, according to Tim Hawkins, a spokesperson for the US Central Command. The US military last week completed clearing sea mines from the strait's international shipping routes attacks US bases in Jordan after US bombs Larak IslandIranian state television showed what it said were ballistic missiles being fired by Iran at US bases in Jordan in response to the American strikes. Jordan's armed forces said they intercepted eight missiles that penetrated the country's airspace early Monday last time the US military confirmed targeting Iran was on July 29, when it announced a \"heavy wave of strikes\" on dozens of Revolutionary Guard targets including coastal surveillance and defence sites. On August 1, President Donald Trump said he would order the military to hold off on new strikes at the urging of Gulf allies Qatar, Saudi Arabia and the United Arab Emirates expects new US secondary sanctions weeklyThe US Treasury Department is likely to unveil weekly new secondary sanctions aimed at increasing economic pressure on Iran, with an initial focus on banks, US Treasury Secretary Scott Bessent told Reuters on Sunday imposing penalties on the United Arab Emirates (UAE) branches of Egypt's Banque Misr on Friday over alleged financial links to Iran, Bessent said in an interview that the next step may be cutting-off an institution entirely from the dollar-based financial system.\"You're going to see a lot more of these every week,\" Bessent said ahead of a Group of 20 finance leaders meeting. \"We're starting with the banks, and we're telling the banks it's not okay to have Iranian money and to aid the regime.\"Bessent said he intends to drive the message home to G20 finance ministers and central bank governors to cut economic ties to Iran, or face secondary sanctions's economic pressureSunday's attack came just days after the Trump administration said it would turn its focus to increasing economic pressure - rather than military action - to try to end its war with Iran shifting strategy centres on threats to punish any country or entity that continues to conduct business with Tehran attack was a \"fatal mistake by the Trump regime during the economic war\" and the enemy will pay the consequences militarily and economically, a Guard spokesperson, Gen. Hossein Mohebi, said in a statement carried by Iranian media.

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