Bessent calls on G7 to help US choke off Iran's finances
US Treasury Secretary Scott Bessent urged G7 partners to coordinate on shutting down Iran's financing channels. He pressed allies to target terrorism-linked assets and unsanctioned payment networks. The call came on day 79 of the war.
US Treasury Secretary Scott Bessent told G7 counterparts on Tuesday that allied capitals must move in lockstep against Iran's financing infrastructure. He pressed in particular for fresh freezes on assets judged to be linked to terrorism and for the closure of indirect channels European banks have continued to provide to Tehran, CNBC reported.
Bessent argued the US Treasury has imposed sanctions on hundreds of entities worldwide in recent months, but that Tehran is still able to tap parallel payment networks. He asked allies to break those networks through shared intelligence and accelerated sanction designations. He also floated a joint monitoring mechanism for Iranian oil revenues.
Iran's UN mission called the demand "unacceptable" in a statement to CNBC. The appeal came after President Donald Trump announced he had paused a fresh strike on Iran at the request of Gulf states. Market participants now expect the sanctions track to dominate the next G7 finance ministers' meeting.
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