US Treasury Secretary Scott Bessent has called on his G20 colleagues to cooperate on sanctions against Iran.
This was announced to the Kyodo news agency by Japanese Finance Minister Satsuki Katayama, who attended the meeting of G20 finance ministers and central bankers in Washington.
According to Katayama, the participants in the meeting also agreed on the need to quickly stabilize the situation in the Middle East.
Bessent's call for G20 countries to cooperate on sanctions against Iran is part of a broader strategy to increase economic pressure, called "Operation Economic Fury" (Operation Economic Fury) Fury).
During a meeting with French Finance Minister Roland Lescure on April 15, Bessent stressed the importance of upcoming discussions at the G7 and G20 on global imbalances.
He called on France to take the lead in EU efforts to pressure Iran to end its destabilizing actions.
Bessent warned G20 countries and financial institutions (and beyond) that the US was prepared to impose secondary sanctions on anyone buying Iranian oil or holding Iranian funds in their banks.
He described these measures as the “financial equivalent” of military action aimed at depriving the Iranian regime of resources.
Bessent confirmed that the US would not renew temporary waivers for the purchase of Iranian oil, which expire on April 19, 2026. These waivers were introduced temporarily to stabilize global fuel prices during the conflict.
The US Treasury Department has sent warning letters to financial institutions in China, Hong Kong, the UAE and Oman about the risks of secondary sanctions.
On 15 April, new sanctions were imposed on an oil transportation network involving more than two dozen individuals, companies and vessels.
Besant told the BBC that “a little economic pain“ (the risk of a recession) was worth it for the sake of long-term international security and preventing the nuclear threat from Iran.
The main topics of the Washington meeting focused on the stability of the global economy in the context of ongoing geopolitical conflicts and economic reforms under the US presidency.
The discussions highlighted the risks to growth arising from the conflicts in the Middle East and the war in Ukraine. It was noted that these crises lead to trade disruptions, high inflation and a decline in investment, especially in emerging economies.
As the rotating chairman for 2026, the United States announced priorities such as modernizing financial regulation, better understanding global imbalances, debt transparency and supporting the digital asset ecosystem.
The leaders reaffirmed their commitment to protecting the independence of central banks as a key factor in maintaining price stability.
Changes to the International Monetary Fund (IMF) quotas were discussed to more accurately reflect the weight of countries in the global economy, as well as reforms to multilateral development banks.
The meeting included reports from the OECD on international taxation and discussions on strengthening anti-money laundering measures through the FATF.
The meeting was held on the sidelines of the Spring Meetings of IMF and World Bank (April 13 – 18, 2026), which brought together representatives of over 190 countries.