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US Treasury Targets Iran with Global Economic Isolation

On Saturday local time (September 26), U.S. Treasury Secretary Steven Bernstein posted on social media X, stating that he had sent special envoys around the world to lobby various countries to isolate Iran economically.

Under my instructions, we dispatched a team worldwide to communicate with governments across the globe, requesting action against the Iranian regime, he wrote. “These efforts are proving successful.”

Bessen then listed a series of specific developments. In the aviation sector, Turkey and Oman have suspended flights to Iranian private airline Mahan Air; the UAE has also canceled all flights operated by Iranian airlines. Dubai is a major destination for Iranian airlines, with multiple flights operating between the two places every day. There is a very close exchange of personnel and commercial ties between the two sides.

He also emphasized the new banking restrictions, including the Central Bank of the UAE announcing on Wednesday (the 23rd) that it had blocked all transactions involving the branches of the Iranian National Bank in the UAE. Last week, Turkey also revoked the license of the Iranian People’s Bank (Bank Mellat), a semi-private financial institution that has long been subject to Western sanctions.

The Wall Street Journal report reiterated the details of the behind-the-scenes efforts. According to the report, Nathan Burke, the assistant secretary of the U.S. Treasury responsible for handling "terrorism" financing matters, has been traveling throughout the Middle East and Europe over the past two weeks, making strenuous efforts to promote this economic campaign against Iran, which Baker termed a "Normandy Landing."

According to reports, the US Treasury has held talks with over 50 countries and regions.

Faced with increasing pressure, Iranian President Ebrahim Raisi acknowledged during his speech at the United Nations General Assembly this week that sanctions are causing suffering. However, he stated that Iran will withstand the pressure.

"In the face of sanctions, the Iranian people's resistance will only intensify, and we will never bow our heads or yield." He said.