The United States convened the G20’s finance ministers and central bank governors in Asheville, North Carolina on August 31 and September 1, using the forum to press member nations on secondary sanctions against Iran. The meeting marked the first G20 gathering under U.S. presidency, with discussions centring on economic growth, global imbalances, and the enforcement of restrictions on Tehran’s access to the global financial system.
Sanctions pressure and digital assets
Scott Bessent, the U.S. Treasury official, said secondary sanctions would feature in bilateral meetings held during the Asheville gathering. A U.S. Treasury official stated that Operation Economic Fury—the administration’s campaign against Iranian financial networks—would receive attention in each bilateral discussion the secretary would hold. In July, OFAC froze 131 millions of USD in USDT assets linked to the Iranian central bank, part of a broader push to restrict Tehran’s use of digital currency.
On 24 August, a sectoral determination expanded the executive order to cover digital assets, gold, technology, aviation and maritime transport. Bessent framed the targeting of digital networks as proof the sanctions regime was working. The Treasury has designated major Iranian crypto platforms since June, tightening the noose around parallel banking channels Tehran relies on when conventional banking access erodes.
Fractures within the G20
The composition of the meeting itself signalled U.S. priorities. South Africa, which hosted the G20 last year, was excluded; Poland was invited instead. Josh Lipsky of the Atlantic Council warned that divisions could splinter the group at a critical moment, calling it the real challenge of the meeting.
Historical precedent suggests European resolve on Iran sanctions may waver. When the U.S. withdrew from the nuclear agreement in 2018, European banks abandoned Iran within months due to concerns about dollar access. A G20 summit with heads of state is scheduled in Florida in December under Donald Trump, setting the stage for further geopolitical maneuvering on the issue.
Source: U.S. Treasury
