US Says Global Pressure Campaign Is Increasing Iran’s Economic Isolation

The United States says a global campaign to economically isolate Iran is producing results, with several countries imposing new restrictions on Iranian airlines and banks.

US Treasury Secretary Scott Bessent said Saturday that Washington had dispatched teams around the world to pressure governments to take action against Tehran as part of its “Operation Economic Outcast” campaign.

According to a Wall Street Journal report cited by The Times of Israel, Treasury Assistant Secretary for Terrorist Financing Jonathan Burke traveled across the Middle East and Europe during a two-week diplomatic push. US Treasury officials have reportedly held discussions with more than 50 countries.

Bessent said Turkey and Oman had halted incoming flights operated by Iran’s Mahan Air, while the United Arab Emirates had stopped flights by Iranian airlines. He presented the measures as evidence that the US campaign was increasing Tehran’s economic isolation.

Washington has sanctioned Mahan Air since 2011 over what the Treasury Department says is its support for Iran’s Islamic Revolutionary Guard Corps Quds Force. Earlier this month, the Treasury expanded its measures to target Iran’s remaining active airlines as well as companies providing services to them.

The pressure campaign has also targeted Iran’s access to foreign banking systems.

The UAE Central Bank announced Wednesday that it had imposed restrictions on the local branches of Iran’s Bank Melli, prohibiting them from conducting financial transactions to and from Iran, including trade financing and fund transfers. The central bank cited violations of UAE laws relating to money laundering, terrorism financing and arms proliferation.

Days earlier, Turkey revoked the operating license of Bank Mellat’s Istanbul branch. Turkey’s banking regulator said the bank’s continued operation posed a threat to depositors and the stability of the country’s financial system, although the official decision did not attribute the move to US pressure.

The measures follow the Treasury Department’s August launch of Operation Economic Outcast, which targets Iranian access to international banking, aviation, shipping, technology, gold and digital assets.

At the time, Bessent warned countries and companies maintaining financial links with Tehran that they could face US action or lose access to the American financial system. Treasury officials said countries had been given timelines to close activities identified by Washington.

The US has also targeted financial institutions accused of helping Iran evade existing sanctions. In August, the Treasury moved against Banque Misr’s UAE operations, alleging that more than 100 Iranian-linked front companies had used accounts at the bank between 2024 and mid-2026. The National Bank of Egypt has since received preliminary approval to acquire the operations.

Despite the campaign, Iran retains economic links with countries including China, and some Iranian carriers continue to operate international routes.