WASHINGTON SEEKS BROADER INTERNATIONAL ACTION
US Treasury Secretary Scott Bessent called on international allies to intensify efforts against Iran’s financing networks, urging stronger cooperation to disrupt funding channels and target sanctions evasion systems. He made the remarks on Tuesday during an anti-terrorism financing conference held after G7 finance leaders met in Paris.
Bessent said partners should take broader measures against Iran by identifying financiers, exposing shell companies, closing bank branches, and dismantling networks linked to Tehran. He also urged countries in Europe, the Middle East, and Asia to take stronger action against what Washington describes as Iran’s shadow banking operations.
Meanwhile, Bessent told Reuters that some Iranian bank branches operating in Europe may not conduct traditional banking activities but should still face scrutiny. He argued that such institutions could continue serving broader financial functions and called for their closure.
SANCTIONS PROGRAM UNDERGOES CHANGES
At the same time, the US Treasury imposed new sanctions targeting Iran’s shadow tanker fleet, foreign exchange entities, and additional front companies as part of broader financial pressure measures. Officials said the effort falls under a campaign called “Economic Fury,” which seeks to weaken Iran’s financial networks and block sanctions evasion routes.
Furthermore, Bessent announced plans to modernize the Treasury’s sanctions structure by reviewing outdated designations. He said authorities want financial institutions to focus more effectively on sophisticated financing and sanctions-evasion activities.
He added that targeted sanctions remain more effective than long-term blanket restrictions, emphasizing that such measures should encourage policy changes rather than create lasting impacts on civilian populations.
