What Readers Need to Know

• Treasury Secretary Scott Bessent made the remarks on September 21, 2026, during a CNBC Squawk Box interview with host Joe Kernen.
• The U.S. is using secondary sanctions to pressure airports, fuel suppliers, ground handlers and ticket sellers that continue servicing sanctioned Iranian carriers.
• The squeeze is already disrupting flights, but Iran's airlines have not been completely grounded worldwide as of September 23.

By Samuel López | USA Herald

WASHINGTON - Treasury Secretary Scott Bessent delivered one of the Trump administration's strongest economic warnings against Iran this week — and the target this time is commercial aviation.

Bessent made the remarks Monday, September 21, 2026, during an appearance on CNBC's Squawk Box. Host Joe Kernen asked where Treasury's effort to economically pressure Iran stood. Bessent responded that Washington was applying unprecedented financial pressure and then declared: “On September 23rd, all the Iranian airlines, all the Iranian airlines will be shut down around the world.”

The important part is how Washington intends to accomplish that.

Bessent said companies that refuel Iranian aircraft, provide landing-related services or sell their tickets face sanctions exposure that could leave them “knocked out of the dollar system.” In other words, Washington is not claiming legal authority to order every airport on Earth to close its runway to an Iranian jet. It is using access to the U.S. financial system as leverage against the foreign businesses necessary to keep those aircraft operating.

That warning did not appear out of nowhere. On September 8, Treasury's Office of Foreign Assets Control announced sanctions against 36 targets connected to Iran's aviation sector, including 27 Iranian airlines. Treasury said the action covered the country's remaining active airlines and also targeted foreign intermediaries, aircraft procurement networks and businesses supporting Mahan Air.

The sanctions rely in part on Executive Order 13902. OFAC says non-U.S. companies that knowingly provide significant goods or services connected to a sanctioned Iranian economic sector can face blocking sanctions, while foreign financial institutions facilitating significant transactions for designated entities can face restrictions on their U.S. correspondent accounts.

There is an important fact-check, however. Treasury's September 8 announcement did not itself state that every Iranian airline would automatically cease operating worldwide on September 23. That sweeping description came later from Bessent. And as September 23 unfolds, reality appears slightly more complicated.

Flights to Baghdad, Muscat, Qatar, Georgia and Azerbaijan were reported suspended or disrupted, but other services continued. Tracking data showed a Mahan Air flight from Tehran landing in Guangzhou, China, on September 23, while tickets for additional Chinese routes were reportedly still being sold.

The pressure is nevertheless substantial. Mahan Air had already curtailed flights to several major destinations, while Iran's aviation industry has been weakened by years of sanctions, aging aircraft, difficulty obtaining parts and recent war-related disruptions. The Financial Times reported that Iran Air had only nine operational aircraft amid the latest restrictions.

And fuel costs make the timing worse. IATA's latest global monitor puts average jet fuel at approximately $194.90 per barrel, up 7.4% in a week. Fuel is normally one of an airline's largest operating expenses.

Could the combination bankrupt Iranian airlines? Possibly. But the bigger immediate threat is loss of international operations and revenue. An airline can survive expensive fuel. It cannot easily operate an international route if the destination airport will not handle the aircraft, a supplier will not refuel it, a payment processor will not clear transactions and ticket agents will not sell seats.

State support, domestic routes and continued access to countries unwilling to follow U.S. sanctions could keep some carriers operating. That is precisely why China is so important to what happens next.

Meanwhile, the confrontation is escalating. On September 23, Mohsen Rezaei, secretary of Iran's Supreme National Security Council, warned on Iranian state television that Tehran would retaliate against neighboring countries that prevent Iranian flights, according to Reuters.

For our readers, September 23^rd can be better understood as a major test of whether Washington can use America's financial system to make servicing Iranian commercial aviation commercially unacceptable across much of the world.

About the Author

Samuel López is a reporter and news correspondent for USA Herald, where he has reported since 2022. López is a legal professional with more than two decades of experience analyzing state and federal litigation, insurance matters, regulatory issues and complex legal disputes. His legal and insurance background informs his reporting on sanctions, financial compliance and the commercial risks created when governments use banking access and regulatory enforcement as tools of foreign policy.

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