US Treasury Seeks to Tighten Iran Sanctions at G20 Meeting in Asheville

Treasury Secretary Scott Bessent is set to intensify the United States’ campaign to isolate Iran economically as the Group of 20 (G20) finance ministers and central bank governors gather in Asheville, North Carolina, next Monday and Tuesday. The meeting, the first of several key ministerial summits this year, will set the agenda for President Donald Trump’s December leaders’ summit in Florida.

Bessent will use the venue to urge G20 members to enforce U.S. sanctions on Iran, a move that comes amid heightened tensions in the Middle East and a surge in global energy prices. While the Treasury official confirmed that Bessent will make direct appeals to his counterparts in one‑to‑one meetings, he did not disclose the list of participants or whether China will be on the agenda.

The G20, comprising 19 individual nations plus the European Union and the African Union, was created after the 1997‑1998 Asian financial crisis to promote global economic stability. Under the current U.S. presidency, South Africa has been excluded from the group, while Poland has been granted a seat.

In addition to the Iran issue, U.S. officials will push for a focus on “back‑to‑basics” priorities: reducing excess industrial capacity, fostering stronger economic growth, and building resilient supply chains for critical resources such as energy. Analysts expect Washington to emphasize debt management, trade, financial stability and banking regulation.

The meeting arrives at a time of growing concern over U.S. debt levels, the impact of President Trump’s tariff policies on allies like Canada, and the economic fallout from U.S.‑Israel strikes on Iran that have pushed the region into war. The resulting spike in energy costs adds pressure on global markets.

Bessent’s strategy to widen secondary sanctions against Iran could require confronting China, the main buyer of Iranian oil—a challenge that may test U.S. relations ahead of Trump’s anticipated September summit with Chinese President Xi Jinping.

"The risk is that the group could fracture," said Josh Lipsky, chair of international economics at the Atlantic Council. "That’s the real challenge for this gathering."