Turkey limits Iranian economic and air interests amid new US sanctions

Turkey has taken significant steps to curb Iranian economic and aviation activity within its borders as the United States intensifies its 'Operation Economic Outcast' against Tehran. On September 4, the U.S. Treasury sanctioned the Turkish Golden Global Yatırım Bankası for allegedly facilitating illicit transactions. Consequently, the Turkish state has moved to assert control over the bank. Simultaneously, major Turkish carriers including Turkish Airlines, AJet, and Pegasus have suspended flights to Iran, with booking systems showing no availability through March 2027. This move follows a direct warning from U.S. Treasury Secretary Scott Bessent, who stated that as of September 23, Iranian airlines would face a global operational shutdown because foreign airports would be barred from providing fuel, landing services, or ticket sales under threat of exclusion from the U.S. dollar system.

The broader context of this escalation stems from the ongoing state of conflict between the U.S. and Iran since late February, marked by military strikes and the subsequent Iranian blockade of the Strait of Hormuz. Despite reports of grounded flights, Iran Air released a statement on September 22 claiming it had received no official notifications regarding flight suspensions to Turkey, Azerbaijan, or Iraq. The situation remains volatile as the U.S. expands its sanctions to cover not only American-made Boeing aircraft but also Airbus models that utilize U.S. components.