G7 Finance Ministers Convene in Paris to Intensify Sanctions Against Iran

On May 18 2026, U.S. Treasury Secretary Scott Bessent addressed the “No Money for Terror” conference in Paris, urging the G7 finance ministers and central bank governors to join the United States in “rooting out the financing that sustains” Iranian terrorism. Bessent outlined a new, “aggressive and targeted” sanctions rubric—part of the U.S. initiative dubbed Operation Economic Fury—in advance of the G7 heads-of-state summit scheduled for June 2026 in Evian, France.

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The United States has long employed economic statecraft against Iran, intensifying pressure on the regime’s weapons programs, terrorist proxies, and nuclear ambitions. Recent statements from President Donald Trump and other U.S. officials have called for broader international participation, noting that the conflict with Iran remains in an “uneasy stalemate” that continues to affect the global economy.

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• Scott Bessent – Secretary of the U.S. Treasury, leading the current sanctions push.

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• G7 Finance Ministers and Central Bank Governors – Representatives of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, responsible for coordinating cross-border financial policy.

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• Iran – Target of the sanctions, whose “illicit financial flows,” shadow banking networks, and regime-linked cryptocurrency holdings have been focal points of U.S. enforcement.

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• Disruption of “tens of billions” in Iran’s projected oil revenue.

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• Massive interference with “illicit financial flows” tied to the regime.

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• Freezing of regime-linked cryptocurrency assets.

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• Intensified crackdown on Tehran’s shadow banking networks.

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Bessent emphasized that the United States “often fights alone” and called on G7 members to “step up and join us” in confronting the terrorist threat. He described a “modernized sanctions architecture” that replaces outdated designations, enabling financial institutions to focus on sophisticated financing and evasion schemes. The Treasury’s approach stresses that sanctions must be “aggressive and targeted,” with clear timelines to avoid unintended consequences and to achieve defined effects.

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• “Crushing the threat of terrorism compels all of you to step up and join us,” — Scott Bessent, U.S. Treasury Secretary

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• “no adversary has felt the force of America's economic statecraft more ruinously than Iran,” — Scott Bessent, U.S. Treasury Secretary

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• “Sanctions should not linger so long that their intended effects create unintended consequences.” — Scott Bessent, U.S. Treasury Secretary

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• “Sanctions should not linger so long that their intended effects create unintended consequences. The most effective actions are aggressive and targeted, with defined timelines to drive specific effects.” — Scott Bessent, U.S. Treasury Secretary

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• “We are reviewing outdated and obsolete designations to help financial institutions focus on the most sophisticated terrorist financing and sanctions evasion schemes,” — Scott Bessent, U.S. Treasury Secretary

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If G7 members adopt the proposed sanctions framework, Iran’s capacity to fund terrorist activities and sustain its weapons programs could be further constrained. Coordinated action would also reduce compliance uncertainty for multinational banks, which must navigate evolving designations and monitor shadow banking channels. Conversely, limited participation could leave the United States bearing a disproportionate enforcement burden and may prolong the economic strain on global markets linked to Iranian oil revenues.

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The G7 heads-of-state summit in Evian will serve as the venue for finalizing the “Operation Economic Fury” strategy and for assessing additional measures against Iran’s financial networks. Participants are expected to discuss timelines, enforcement mechanisms, and potential extensions of the sanctions regime to allied jurisdictions.

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