U.S. Treasury Secretary Scott Bessent urged G7 allies to strengthen sanctions against Iran's financing networks, calling for more forceful disruption of the country's financial activities during a meeting in Paris on Tuesday.
Key Takeaways
U.S. Treasury Secretary Scott Bessent urged G7 allies to strengthen sanctions against Iran's financing networks and review outdated sanctions designations. He also indicated that the U.S. is not rushing to extend a tariff and critical minerals trade truce with China set to expire in November 2025.
Bessent emphasized the need for European and Middle Eastern partners to join the U.S. in designating Iranian financiers, unmasking shell companies, shuttering bank branches, and dismantling proxies. He also announced that the Treasury would review outdated sanctions designations to focus on sophisticated terrorist financing schemes.
Meanwhile, Bessent indicated that the Trump administration is not rushing to extend a tariff and critical minerals trade truce with China set to expire in November 2025. He suggested that meetings later this year could address the issue, adding that China's fulfillment of its obligations on critical minerals has been satisfactory but not excellent.
The U.S. also extended a 30-day sanctions waiver allowing purchases of Russian seaborne oil to aid energy-vulnerable countries affected by the Iran war. This extension reverses previous plans not to grant an extension and aims to stabilize the physical crude market.
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