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(Bloomberg) — Treasury Secretary Scott Bessent exhorted US allies to join the US in “aggressively” enforcing sanctions on Iran and other malicious actors and said there was “no room for excuses” for those who wish to crack down on terror financing.
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His comments come a day after the US issued a third waived allowing for the sale of some Russian seaborne oil as the war in Iran continues to roil global energy markets, driving fears of inflation and a sell-off in bonds globally.
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“Crushing the threat of terrorism compels all of you to step up and join us in rooting out the financing that sustains it,” Bessent said in a short keynote address delivered at the start of the No Money for Terror conference, part of the meeting of the Group of Seven Nations in Paris.
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The comments expanded upon remarks he made at the start of the G-7 Finance Ministers meeting.
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Bessent Calls on G-7 Nations, Others to Increase Iran Sanctions
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Bessent also said that the Treasury was reviewing its entire catalogue of sanctions and that the measures “should not linger so long that their intended effects create unintended consequences,” he said.
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He cited Syria and Venezuela as examples of places where sanctions could be relaxed once the US’s objectives are achieved so that sanctions left in place indefinitely cannot have “generational impacts that are nearly impossible to predict.”
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US Issues New Russia Oil Waiver as Iran War Crunches Supplies
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Earlier in the day, French Finance Minister Roland Lescure said he couldn’t comment on why Bessent issued the waiver for Russian oil.
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“This is certainly not a G-7 decision, so I’ll let you ask Scott Bessent why and how they decided to do that,” he said during a press conference wrapping up the main G-7 meeting.
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“I can tell you that the willingness of the G-7 to keep on putting pressure on sanctions on Russia was unanimous and that nobody wants Russia to have a windfall profit of what’s going on in the Middle East,” Lescure said.
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