Bessent Pushes G7 Allies to Join U.S. Financial War on Iran

CNBC reported Tuesday that Treasury Secretary Scott Bessent called on Group of Seven allies to join Washington in dismantling the financial architecture sustaining Iranian-backed terrorism, framing collective action as an urgent global obligation.

Speaking in Paris at the “No Money for Terror” conference on the sidelines of G7 finance meetings, Bessent argued the United States too often shoulders the burden of economic pressure on Iran alone. He called on partner nations to step up with matching measures without further delay.

A New Framework for Targeted Pressure

Bessent outlined what he described as a modernized approach to sanctions under the banner of “Operation Economic Fury.” The framework prioritizes precision over breadth. He said Washington is revisiting older, outdated designations to ensure financial institutions can concentrate resources on the most sophisticated evasion schemes.

The secretary made clear that effective sanctions require defined timelines and focused intent. Measures that outlast their purpose risk producing consequences no one intended, he argued. Aggressive but targeted action, he said, delivers more durable results than blanket restrictions left in place indefinitely.

Mounting Economic Toll of the Iran Conflict

The conflict between the U.S. and Iran has disrupted global oil markets and weighed on the broader world economy, even as neither side has achieved a decisive breakthrough. CNBC noted the war remains in an uneasy stalemate, with no clear resolution in sight.

Bessent claimed U.S. actions have already denied Tehran tens of billions in projected oil revenue and severed significant illicit financial flows. Washington has also frozen regime-linked digital assets and tightened pressure on shadow banking networks connected to the Iranian government.

Washington Asks Europe to Act Directly

The Treasury secretary directed pointed language at European partners specifically. He asked them to formally designate Iranian financiers, expose shell companies, close Iranian bank branches operating on European soil, and work to dismantle Tehran’s proxy networks.

The appeal echoes earlier pressure from President Donald Trump and senior U.S. officials who have publicly urged allied governments to align more closely with American sanctions policy. Bessent framed the moment as a test of political will for countries that share Washington’s concerns about Iranian destabilization, drug trafficking networks, and threats to civilian populations globally.

The G7 finance ministers gathering in Paris is seen as a key venue ahead of the full leaders’ summit scheduled for June.

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