Treasury Secretary Scott Bessent urged G7 allies to join the U.S. in targeting Iran’s financial networks to combat terrorism. Speaking at the "No Money for Terror" conference in Paris on May 18, Bessent emphasized the need for "aggressive and targeted" sanctions to disrupt Iran’s funding of terrorist activities.
Immediate Action & Core Facts
Bessent called on G7 nations to designate Iranian financiers, unmask shell companies, and dismantle Iran’s proxies. He framed sanctions as tools for peace, not aggression, and urged allies to step up efforts to combat terror financing. The Trump administration has prioritized economic security as a cornerstone of its anti-terrorism strategy.
Deeper Dive & Context
Sanctions as a Tool for Change
Bessent argued that sanctions aim to create conditions for behavioral change in Iran, not indefinite isolation. He highlighted the need for modernized sanctions architecture to counter evolving threats.
Global Cooperation
The U.S. seeks European and Middle Eastern partners to join in targeting Iran’s financial networks, including shadow banking and drug cartels. Bessent stressed that the U.S. cannot act alone in this effort.
Policy and Rhetoric
The Trump administration has framed economic security as central to national security, with Bessent noting that President Trump has restored this principle to U.S. strategy. The administration views sanctions as a means to counter terrorism in all forms.