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(Bloomberg) — US Treasury Secretary Scott Bessent called on the G-7 nations and others to increase sanctions on Iran as the conflict that has snarled a large portion of the global energy trade drags on without an end in sight.
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“We call upon all our G-7 and indeed all of our allies and the rest of the world to follow the sanctions regimes so that we can crack down on the illicit finance that is fueling the Iranian war machine and get this money back to the Iranian people,” Bessent said.
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Bessent’s comments come in the midst of a global bond sell-off as investors weigh the impact of the stalemate on energy prices and inflation.
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President Donald Trump on Sunday expressed frustration with the state of talks with Iran, posting on social media that “the Clock is Ticking” for Iran and that they “there won’t be anything left of them” if they don’t speed up the pace of negotiations.
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Bessent is in Paris for a meeting of finance ministers and central bank governors from the Group of Seven nations. He is wrapping up an international trip that saw stops in Japan, South Korea and China.
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He attended Trump’s meeting with Chinese leader Xi Jinping, which saw the continuation of a trade truce between the two nations as well as some purchase agreements for US products.
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While in China last week, Bessent said that the US and China had established a so-called board of investment, which would fast-track potential Chinese investments in the US.
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“I’m just back from Beijing with President Trump from a very successful visit where we talked geopolitics, trade and the leaders spent a great deal of time together,” Bessent said in Paris Monday.
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The meeting of finance officials and central bankers in Paris was expected to focus on global imbalances before the situation in Iran came to the forefront due to the turmoil in the bond market.
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“We come at an important time,” Bessent said of the meeting. “We’re here to discuss the global economy, global imbalances, critical minerals, terror financing.”
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—With assistance from William Horobin.
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English (US)