US Treasury Secretary Scott Bessent urged the United States and G7 allies to step up enforcement of sanctions against Iran and other malign actors. He delivered the call on Tuesday, May 19, 2026, at the "No Money for Terror" conference held alongside the G7 finance ministers meeting in Paris [1, 2].
Bessent outlined targeted measures, including designating financiers linked to Iran, exposing shell companies, closing banking branches, and dismantling proxy networks. He emphasized that such actions are crucial to cutting off terror funding. "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 [1, 2].
The Treasury chief stressed that the US is actively targeting financial networks used by enemy actors. "As the United States targets the financial networks that enemy actors use to perpetrate terror, we trust that your participation here today reflects a readiness to stand with us in full measure," he added [2].
Bessent warned of Iran's destabilizing agenda and linked terrorist groups trying to hold the global economy hostage. He called on allies to act decisively. "If you share our fury about Iran's destabilizing agenda, terrorists seeking to hold the global economy hostage, drug cartels poisoning our communities, and threats to innocent lives, then now is the time to join the United States in moving aggressively," he said [2].
In a related development, the US issued a third waiver allowing limited Russian seaborne oil sales amid the ongoing war involving Iran and disruptions in the global energy market [3].
Treasury Secretary Bessent's remarks came as part of coordinated efforts by the US and its allies to tighten the financial pressure on Iran and associated networks. The G7 meeting concludes this week, with further discussions expected on sanctions and economic measures.
