Iran deputy FM faces crimes against humanity complaint in Switzerland - AFP

The US Treasury Department on Thursday proposed a rule to cut Swiss lender MBaer Merchant Bank AG off from the US financial system, alleging it handled funds tied to illicit networks linked to Iran and Russia.

The US Treasury said the bank and some employees enabled money laundering connected to Venezuelan and Russian corruption and processed transactions benefiting Iran’s Revolutionary Guards and its Quds Force, both under US sanctions.

"MBaer has funneled over a hundred million dollars ⁠through the US financial system on behalf of illicit actors tied to Iran ‌and Russia," ​Treasury Secretary Scott Bessent said in a statement.

"Banks should be on ​notice that the US Treasury will aggressively ⁠protect the integrity of the US financial ‌system using the full force of ​our authorities," Bessent added.

If finalized, the measure would bar US financial institutions from maintaining correspondent accounts for MBaer. The Treasury’s Financial Crimes Enforcement Network opened a 30-day public comment period before making a final decision.

Esmail Baghaei, spokesman for Ministry of Foreign Affairs of Iran, said nuclear talks with the United States in Geneva were conducted in an “intense and serious” manner and will resume around 17:30-18:00 Geneva time.

Speaking to state television, Baghaei said Director General of the International Atomic Energy Agency Rafael Grossi was also present at the talks.

He said both delegations needed to consult with their respective capitals before negotiations restart later in the day.

Baghaei said the talks are focused solely on nuclear issues and sanctions relief, stressing that “the subject is only the nuclear file and the lifting of sanctions.” He also pointed to what he described as contradictory statements in US media and by some American officials, saying such remarks fuel doubts, but emphasized that Iran’s priority remains achieving a concrete outcome.

Talks between Iran and the United States in Geneva on Thursday have been “intense and serious,” a senior Iranian official told Reuters.

The official said new ideas were raised during the negotiations that require consultation in Tehran and that some gaps remain between the two sides.

He added that reaching a framework for a deal would be possible if Washington “seriously separates nuclear and non-nuclear issues.”

The United States entered nuclear talks with Iran in Geneva with demands that Tehran dismantle its main nuclear facilities and transfer its enriched uranium stockpile, officials familiar with the discussions told the Wall Street Journal.

According to the report, US negotiators were expected to make clear that sites at Fordow, Natanz and Isfahan must be dismantled and that any agreement should not include sunset clauses. “Iran must dismantle its three main nuclear sites … and deliver all of its remaining enriched uranium to the US,” officials told the newspaper.

The officials also said Washington is insisting on zero enrichment, though it could allow Iran to operate a Tehran reactor at very low enrichment levels for medical purposes. The US is offering limited sanctions relief at the outset, with broader easing possible if Iran complies over time, the report said.

The talks come as President Donald Trump has warned of military action if no deal is reached, while Iran has said it would treat any attack as the start of a wider conflict.

Iranian protesters demonstrated against the Islamic Republic outside the United Nations Office in Geneva on Thursday as a new round of US-Iran talks took place in the Swiss city, waving pre-Islamic Republic Lion and Sun flags and holding pictures of exiled Prince Reza Pahlavi.