U.S. Department of the Treasury Imposes Mass Sanctions on 27 Iranian Airlines

[Financial News] The U.S. Department of the Treasury has placed 27 Iranian airlines and major institutions on sanctions in a mass move to completely isolate the Iranian economy. This action comes as Iran and its proxies continue their offensive in the Strait of Hormuz and surrounding regions, driving up oil prices.
According to foreign media reports including CNBC on the 8th (local time), U.S. Treasury Secretary Scott Bessent issued a statement strongly warning, "I warn all entities doing business with the Iranian airline sanctioned today," adding that they "risk being completely cut off from the global financial system."
This measure, dubbed 'Operation Economic Outcast,' targets all Iranian airlines that were previously excluded from the sanctions list.
These sanctions were announced at a time when tensions between the U.S. and Iran are escalating over the Strait of Hormuz, a key strategic point for global crude oil transport. International oil prices are surging as Iran continues to restrict ship traffic within the strait. On this day, North Sea Brent Crude Oil futures prices surpassed $99 per barrel, and West Texas Intermediate crude oil (WTI) futures also rose by about 2% during trading.
While U.S. President Donald Trump claims that the United States controls the strait, the conflict appears to be spreading to neighboring regions, with pro-Iranian Houthi rebels in Yemen attacking Saudi Arabia's energy facilities and causing partial shutdowns.
Since declaring an "economic D-Day" against Iran last August, the Trump administration has been escalating pressure, including imposing sanctions on financial institutions in Türkiye and the United Arab Emirates (UAE). A U.S. Treasury official stated, "With this measure, all waiver licenses related to Iran's aviation sector will also be immediately terminated."
However, it remains unclear how much more damage these additional sanctions will actually inflict on the Iranian economy. This is because questions are being raised about the effectiveness of the extra measures, given that Iran is already facing a severe economic crisis due to soaring prices and a sharp decline in crude oil exports.
It is also pointed out that substantive pressure measures against China, Iran's largest trading partner and crude oil importer, are missing. President Trump and Chinese President Xi Jinping are scheduled to hold a summit in Washington, D.C., later this month.

[email protected] Yoon Jae-jun Reporter