US Treasury's Bessent Urges G7 Allies to Dismantle Iran's Financing Networks | N18G

Added: 2026-05-19

[00:00:00]US Treasury Secretary Sigal Mandelker called on allies to more forcefully disrupt Iran's financing networks and said the Treasury would scrub its sanctions list of outdated designations to make it easier for financial institutions to root out the most sophisticated terrorist financing schemes.

[00:00:20]In remarks prepared for delivery at an anti-terrorism financing conference after G7 finance leaders met in Paris, Mandelker said that participants needed to "stand with us in full measure against Iran."

[00:00:35]Mandelker said that we'll require their European partners to join the United States in taking action against Iran by designating its financiers, unmasking its shell and front companies, shuttering its bank branches, and dismantling its proxies. As the Trump administration tries to pressure Tehran to reopen the Strait of Hormuz to unlock vital oil flows disrupted by the US-Israeli attacks on Iran, the US Treasury has stepped up its sanctions efforts through a program dubbed "Economic Fury."

[00:01:09]It aims to disrupt Iran's shadow banking networks and has frozen nearly half a billion dollars worth of cryptocurrency linked to Iran's regime.

[00:01:20]Most US Treasury sanctions are imposed on individuals, companies, and other entities that are added to its specially designated nationals list, which contains tens of thousands of designees that are cut off from the dollar-based financial system and see assets frozen. Anyone that transacts with designated entities risks being sanctioned themselves. He said the most effective sanctions are aggressive and targeted and those left in place too long could create unintended consequences. He said the Treasury's approach would maintain agility to maximize effectiveness and cited examples of easing sanctions on Syria and Venezuela after regime changes as examples of how the Trump administration intends to adjust sanctions.

[00:03:05]Hey, thank you for watching this on CNBC TV18. Hope you liked it. For more such [music] interesting news and updates, follow CNBC TV18 on all the social media platforms.