Bessent Presses G20 Allies to Tighten Iran Sanctions — SkimNews
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- Scott Bessent opened G20 finance minister meetings in Asheville, NC on Monday, framing the agenda around global growth and mounting sovereign debt.
- Bessent told AP he plans to sanction another Iranian bank under what he calls "Operation Economic Outcast," saying the administration is prepared to use "financial violence" against Tehran.
- Bessent predicted Iran's economy could collapse "within weeks or months," but said the real objective is forcing the regime "to come to their senses."
- The EU publicly backed the pressure campaign, saying it "welcomes added economic pressure on Iran" and will work with the US and partners to maintain the squeeze.
- China, Iran's largest oil buyer, remains the biggest obstacle; Bessent said "all options are on the table" for sanctioning Beijing over its continued purchases.
- Former Bush-era diplomat Daniel Fried warned the US may "find it difficult to rally its usual friends and allies" given recent tariff disputes and the six-month war with Iran.
Why it matters: With the Iran war past six months and gas prices still elevated, Bessent needs European and Asian cooperation to make sanctions bite — but tariff fights and the threat of secondary sanctions on Chinese oil buyers risk pushing those same partners away. Trump's failure to deliver on a threatened 'economic D-Day' and Bessent's own 'weeks or months' timeline leave the campaign running on warnings rather than action.
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