US to push economic pressure on Iran at G20 finance talks

US Treasury Secretary Scott Bessent will host finance ministers and central bank governors from the Group of 20 major economies in Asheville, North Carolina, next Monday and Tuesday. According to a US official, the US aims to step up efforts to isolate Iran economically during the meeting. The talks will also cover boosting economic growth, reducing global imbalances, and tackling sovereign debt challenges.

The US Treasury official said the Trump administration wants G20 finance leaders to agree on steps to cut off Iran's economic lifelines. This comes after the US announced an "economic D-Day" of sanctions on Iran this week. The sanctions have triggered panic buying for food and fuel in Iran, with inflation hitting 66% in July and food prices soaring 128% year on year.

According to Haaretz, US officials have told mediators that the administration has no interest in reviving a June agreement, opting instead to wait for extreme economic sanctions to take effect. The US hopes to leverage public discontent in Iran, caused by the economic pressure, into forcing Tehran to cut a peace deal. However, analysts argue that the Iranian leadership has historically answered domestic unrest with repression and external pressure with threats of retaliation abroad.

Brief written by urgent.news from Al-Monitor, Middle East Eye, Semafor, Haaretz — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.