US Treasury Secretary Scott Bessent has declared that the European Union formally joined Washington's campaign to sever Iran from the global financial system. Yet a Brussels statement issued at this week's G20 finance meeting in fact stops well short of that.

Iran has condemned the European Union’s support for additional U.S. economic pressure, accusing Europe of abandoning its claimed strategic autonomy.

US Treasury Secretary Scott Bessent revealed plans for new sanctions targeting Iran-linked banks soon. The department is also investigating airline leasing companies as part of…