Bessent Calls on G7 Nations to Squeeze Iran’s Financial Networks
Treasury Secretary Scott Bessent called on G7 member nations Tuesday to actively join Washington in dismantling Iran terror financing, CNBC reported. Speaking in Paris, Bessent framed the appeal as a direct test of allied resolve against destabilising threats to global security.
Bessent Sets Out New Sanctions Framework
Bessent delivered his remarks at the “No Money for Terror” international conference in the French capital. He outlined what he described as an aggressive and targeted approach to imposing sanctions on actors supporting Iranian-linked terrorism. The speech came one day after he attended a separate G7 finance ministers gathering in Paris ahead of a June summit.
Bessent told assembled delegates that US efforts to disrupt enemy financial networks depended on allied participation. He urged European partners specifically to designate Iranian financiers, expose front companies and shell entities, close Iranian bank branches, and dismantle proxy organisations. The tone was direct, framing allied action as an obligation rather than a preference.
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Background on US-Iran Sanctions Pressure
Washington has long used financial sanctions as a primary lever against Tehran. The Treasury Department’s Office of Foreign Assets Control administers an extensive sanctions architecture targeting Iranian oil revenues, banking access, and proxy militias across the Middle East. European allies have historically maintained their own parallel but sometimes narrower measures, creating gaps that US officials argue Tehran exploits. The Biden administration sought multilateral coordination on Iran sanctions with mixed results. The current administration has signalled a harder line, and Bessent’s Paris speech reflects that posture directly.
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European Allies Face a Clear Choice
Bessent’s language on Tuesday left little ambiguity about US expectations. He framed the moment as an opportunity for countries that share American concerns about Iran’s agenda to act decisively rather than observe from the sidelines. His remarks swept in multiple threat categories beyond terrorism, citing drug cartels and broader economic hostage-taking as interconnected dangers requiring a unified financial response. Whether European governments will move quickly to match US designation lists and enforcement actions remains an open question. Diplomatic pressure of this kind has often preceded formal coordination mechanisms, and the G7 heads-of-state summit in June now carries additional weight as a potential inflection point.
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