Bessent Hails Iran Pressure Campaign As Rial Hits New Low

US Treasury Secretary Scott Bessent has claimed that Washington’s campaign to economically isolate Iran is delivering results, as restrictions tighten on the country’s airlines and banks and the Iranian rial continues to come under pressure.

In a post on X on Saturday, Bessent said he had dispatched Treasury teams around the world to persuade governments to cut economic links with Iran. “These efforts are delivering results,” he said, pointing to new restrictions imposed on Iranian aviation and financial institutions.

Bessent highlighted measures taken by Turkey, Oman and the United Arab Emirates. Turkey and Oman have halted incoming flights by Iranian private carrier Mahan Air, while the UAE has stopped flights by Iranian airlines, according to Bessent. Dubai is an important destination for Iranian carriers and has long-standing commercial links with Iran.

Iranian state media, meanwhile, reported that Azerbaijan, Georgia, Iraq, Oman and the UAE had revoked flight permissions for Iranian airlines. However, Iranian carriers continue to operate some international routes, particularly to China and Russia, showing that the US campaign has not completely cut Tehran’s aviation links.

The financial pressure has also intensified. On Wednesday, the UAE central bank blocked transactions to and from Iran by branches of Bank Melli, citing alleged violations involving money laundering, terrorism and arms proliferation. Turkey separately revoked the operating licence of Iran’s Bank Mellat branch in Istanbul last week.

Bessent was responding to a Wall Street Journal report on Washington’s efforts to persuade other countries to join the pressure campaign. The report said Treasury Assistant Secretary for Terrorist Financing Jonathan Burke travelled across the Middle East and Europe for two weeks as part of the effort.

The US Treasury has held discussions with more than 50 countries, the report said. Bessent launched Operation Economic Outcast on August 24 as a broader campaign aimed at severing Iran’s financial and economic links with the rest of the world. The Treasury says the operation targets networks involved in oil smuggling, sanctions evasion, aviation, shipping and other sources of revenue.

Washington has also expanded sanctions targeting Iran’s aviation and digital-asset networks. But China continues to maintain economic links with Iran and has resisted US pressure, while some Iranian airlines continue operating international services.