US Secretary of the Treasury Scott Bessent briefs reporters after a meeting with China's Vice Premier He Lifeng in New York on September 20, 2026. (Photo by KENA BETANCUR / AFP)
US Treasury hails success of isolating Iran economically
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- Bessent dispatched global enforcement teams to compel foreign governments into taking direct economic measures against Iran.
- Turkey, Oman, and the UAE suspended Iranian carrier flights and placed regulatory blocks on branches of Bank Melli and Bank Mellat.
- Bessent noted the cumulative economic impact has driven the Iranian rial to historic lows as leadership acknowledges the war's severe toll.
- The Treasury warned that any entity servicing Iranian aircraft risks total exclusion from the U.S. dollar system.
US Treasury Secretary Scott Bessent announced Saturday that Treasury teams deployed across the globe have successfully driven international measures to isolate the Iranian regime economically, commending a wave of foreign actions targeting Iranian banking and aviation sectors.
In a statement published on X, Bessent outlined the scope of the Treasury's diplomatic press to enforce economic restrictions on Tehran.
"Under my direction, teams were sent around the world to engage with countries and demand action against the Iranian regime," Bessent stated on X. "These efforts are bearing fruit."
Commercial flights, banking operations targeted
Bessent highlighted recent regulatory and aviation decisions by regional partners, specifically citing Turkey and Oman's suspension of flights operated by Iran's private carrier, Mahan Air, as well as the United Arab Emirates' comprehensive aviation ban.
The UAE General Civil Aviation Authority (GCAA) confirmed the measure in an official statement issued Thursday, announcing the "suspension of flights by Iranian airlines to and from the state, effective today... until further notice."
Simultaneously, regional regulators moved against Iranian financial institutions.
The Central Bank of the UAE announced measures targeting local branches of Iran’s Bank Melli due to "violations related to anti-money laundering, combating the financing of terrorism, and countering the financing of proliferation."
Additionally, Turkey’s Banking Regulation and Supervision Agency (BDDK) revoked the banking license of Iran’s Bank Mellat, which has faced long-standing Western sanctions.
Total exclusion from US dollar system
Addressing the broader economic fallout, Bessent noted that Iranian leadership has acknowledged the severe consequences of the conflict, pointing out that the Iranian rial has fallen to historic record lows.
The announcement follows an extensive diplomatic outreach effort. Jonathan Burks, US Assistant Secretary of the Treasury for Terrorist Financing, recently concluded a two-week tour spanning the Middle East and Europe.
According to The Wall Street Journal, the US Treasury Department held direct discussions with representatives from over 50 nations.
In an interview with CNBC, Bessent reiterated the administration's stringent enforcement stance, emphasizing that secondary sanctions will apply globally.
"All Iranian airlines will cease operations as of September 23," Bessent told CNBC. "If these planes land, no one will be able to refuel them, provide them landing services, or sell their tickets; otherwise, they will be excluded from the dollar system."
Despite these broad international enforcement actions, smaller Iranian airlines continue to operate international routes, particularly to China, which has refused to comply with American pressure.
