Bessent urges more disruption to Iran's financing, will review US sanctions list

In a significant push to counter Tehran's illicit financial activities, US Treasury Secretary Scott Bessent has called upon international allies to join the United States in a more robust disruption of Iran's financing networks. Speaking at an anti-terrorism financing conference, Bessent emphasized the need for "full measure" cooperation, urging European partners to designate Iranian financiers, expose front companies, and dismantle proxies. He also called on Middle Eastern and Asian nations to actively root out Iran's shadow banking operations.

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stand with us in full measure against Iran. That will require, for example, our 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. It will require those of you in the Middle East and Asia to root out Iran's shadow banking networks.

This diplomatic offensive is coupled with concrete actions. The Treasury has imposed fresh sanctions targeting Iran's shadow tanker fleet, an Iranian foreign currency exchange house, and other associated front companies. Furthermore, the Treasury plans to scrub its sanctions list of outdated designations, a move aimed at simplifying the process for financial institutions to identify and combat sophisticated terrorist financing schemes. This initiative, part of the "Economic Fury" program, has already led to the freezing of nearly half a billion dollars in cryptocurrency linked to the Iranian regime.

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Iranian bank branches in Europe were not taking deposits, but "that branch manager is doing something. Just close it."

These intensified sanctions efforts come at a critical juncture, as Iran has presented a peace proposal addressing the ongoing US-Israel-Iran war. The US administration's strategy appears twofold: to pressure Tehran to de-escalate the conflict and to compel the reopening of the Strait of Hormuz, whose vital oil flows have been disrupted. Secretary Bessent's call for unified international action underscores the administration's commitment to leveraging financial pressure as a key tool in its foreign policy towards Iran.

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our adversaries adapt and innovate.