U.S. Treasury Secretary Scott Bessent stated that Iranian airlines will be shut down worldwide by Wednesday as the Trump administration escalates economic pressure on Tehran.

During an appearance on CNBC’s “Squawk Box” on Monday, Bessent said that if Iranian planes land, entities cannot provide fuel or landing services. He added that selling tickets would result in being knocked out of the dollar system.

Sanctions on Financial Enablers

Bessent noted that the U.S. had already sanctioned enablers globally. He stated that the second largest bank in Egypt was sanctioned after its Dubai branch funneled more than $1.8 billion into the Iranian government. The bank will be closed down.

He mentioned that the 30th largest Turkish bank faces the same fate. Bessent also accused external branches of the second largest Russian bank of aiding Iran.

Diplomatic Engagement

The Treasury Secretary said the U.S. is in touch with Chinese authorities, who have been very engaged. He noted that quiet behind-the-scenes discussions are better than public displays.

Aviation Sector Context

Iran has several airlines besides the national flag-carrier Iran Air. Other carriers include privately owned Mahan Air and AVA Airlines. The largest airport is Imam Khomenei International Airport in Tehran. According to Iranian government data, 7.6 million passengers traveled through the airport in 2024.

A Treasury statement released on September 8 noted that the U.S. sanctioned 27 airlines in Iran under E.O. 13902. This executive order, issued by Trump in 2020, imposes sanctions on persons operating in designated sectors of the Iranian economy.

The US Treasury sanctioned BitBank, a digital asset exchange controlled by Iranian financier Babak Zanjani, accusing it of transferring hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps (IRGC).

Treasury Secretary Scott Bessent stated that the designations demonstrate cryptocurrency efforts to finance the Iranian regime remain within the reach of the Office of Foreign Assets Control (OFAC). The action forms part of Operation Economic Outcast, launched in August to isolate Iran economically.

Treasury Targets Zanjani’s Digital Asset Network

Bessent emphasized that the department will sanction those supporting the regime. The sanctions target BitBank and its developer, Pishtaz Simorgh Electronic Trade Company. Three associates of Zanjani were also designated: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari.

BitBank Moved Money to the IRGC

According to the Treasury, Zanjani used BitBank between June and July to transfer hundreds of millions of dollars in Bitcoin to the IRGC. A previously sanctioned entity, Hormuz Safe Marine Services Authority, has utilized BitBank since June to funnel payments to the Iranian regime.

Treasury’s Broader Push Against Iranian Crypto

This action follows a July sanctioning of a separate Zanjani-linked network, which targeted nine firms and four individuals. This earlier move included two UK-registered exchanges, Zedcex and Zedxion, accused of processing more than $94 million tied to the IRGC.

Zanjani was sentenced to death in 2016 for embezzlement, though his sentence was commuted in 2024. He resurfaced in 2025 as a backer of Iranian government economic projects.