Washington Tightens Iran Economic Squeeze

Scott Bessent (NewscentralTV) Scott Bessent (NewscentralTV)
US Treasury Secretary Scott Bessent. Photographer: Buddhika Weerasinghe/Bloomberg

The United States has stepped up efforts to pressure Iran’s economy, with Treasury Secretary Scott Bessent saying Washington has sent envoys around the world to push countries to restrict ties with Tehran.

Bessent said the diplomatic campaign was focused on limiting Iran’s access to international aviation and banking networks, as the US expands sanctions targeting the country.

“At my direction, teams were dispatched across the globe to engage with countries and demand action against the Iranian regime,” Bessent wrote on X. “These efforts are delivering results.”

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He said Turkey and Oman had halted incoming flights from Iranian private carrier Mahan Air, while the United Arab Emirates had stopped all flights operated by Iranian airlines.

The UAE, particularly Dubai, has long served as an important destination for Iranian carriers because of its large Iranian community and strong commercial links with Iran.

Iran’s ISNA news agency, citing officials, reported that Azerbaijan, Georgia, Iraq, Oman and the UAE had revoked flight permissions for Iranian airlines. However, it said flights to China and Russia were still operating, countries that have not followed Washington’s pressure campaign.

The report added that Iran Air and Mahan Air continued services to those destinations, while flights to countries including Afghanistan, Armenia, Belarus, Malaysia, Pakistan and Tajikistan remained available.

Mahan Air had announced it would stop serving Turkey following a request from Turkish authorities, although airport records showed flights between Iran and Turkey were still operating through Iran Air and other Iranian carriers.

IRAN
A banner bearing a picture of Iran’s late supreme leader, Ayatollah Ali Khamenei, is displayed in Tehran Bazaar amid a cease-fire between the United States and Iran, Tehran, Iran, April 21. (Majid Asgaripour/West Asia News Agency via REUTERS)

Bessent had earlier warned that Iranian airlines would face international restrictions, saying “all Iranian airlines will be shut down around the world.”

Beyond aviation, the US Treasury has also targeted Iran’s banking connections. The United Arab Emirates’ central bank recently blocked transactions involving branches of Iran’s Bank Melli, citing alleged breaches linked to money laundering, terrorism financing and arms proliferation regulations.

Turkey also revoked the licence of Iran’s Bank Mellat, a financial institution that has faced Western sanctions for years.

A report by The Wall Street Journal, shared by Bessent, said US Treasury official Jonathan Burke travelled across the Middle East and Europe to build support for the measures. The report said Treasury officials had engaged with more than 50 countries as part of the effort.

Washington’s campaign represents one of the most extensive attempts in recent years to restrict Iran’s economic connections abroad. Tehran has previously criticised US sanctions as politically motivated and has sought to maintain trade and transport links with countries willing to continue cooperation.

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  • Tope Oke

    Temitope is a storyteller driven by a passion for the intricate world of geopolitics, the raw beauty of wildlife, and the dynamic spirit of sports. As both a writer and editor, he excels at crafting insightful and impactful narratives that not only inform but also inspire and advocate for positive change. Through his work, he aims to shed light on complex issues, celebrate diverse perspectives, and encourage readers to engage with the world around them in a more meaningful way.

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