Bessent seeks to rally G20 on severing Iran financial ties
Treasury Secretary Scott Bessent urged G20 finance ministers to join US efforts to cut off Iran's financial lifelines, unveiling a new sanctions campaign called 'Operation Economic Outcast' that broadens secondary sanctions. The EU expressed support for US economic pressure on Iran, while some countries noted risks to the global economy. The UAE halted trade and financial ties with Iran after missile attacks, and the US and Iran exchanged strikes over the weekend.
Why it matters: This relates to the theme of economic statecraft, as the US leverages financial sanctions and G20 coordination to pressure Iran amid ongoing conflict.