US expands crackdown on Iran with new aviation and banking restrictions

The United States is tightening its economic sanctions on Iran, focusing on the country's aviation and banking industries across numerous nations as part of a diplomatic effort. These measures, unveiled by senior Treasury official Jonathan Berk, aim to hinder Iran's access to the global financial system and pressure Tehran's trade partners.

Berk led a tour across multiple countries to inform entities engaging with Iran of the potential repercussions from the US. In the wake of these actions, Iran's aviation sector has faced significant restrictions. Mahan Air, a major Iranian airline, initially faced travel bans in Oman and subsequently across the UAE, Turkey, Azerbaijan, Georgia, and Britain.

Additionally, Iran's largest commercial bank, Bank Melli Iran, had its branches in the UAE prohibited from handling Iran-specific transactions, and its license in Turkey was revoked. These developments follow a broader set of US sanctions and a maritime blockade on Tehran. While Iran has reportedly offered to cease attacks on US ships and interests for seven days in exchange for economic relief, the US administration under President Trump continues to uphold its maximum pressure policy, emphasizing the urgency of compelling Iran to alter its behavior.