MediumI Geo-Economics & Chokepoints8 September 2026, Tuesday
US Treasury sanctions three Turkish companies for supporting Iran's Mahan Air
The 36-target sanctions package has brought secondary sanctions risk for Türkiye-based companies back onto the agenda.
The Office of Foreign Assets Control, part of the US Treasury Department, added 36 targets to its sanctions list on 8 September, 27 of them Iranian airline companies. The package is based on Executive Order 13224, which governs terrorism-related sanctions. Türkiye-based Sky Phoenix was accused of brokering the transfer of US-origin Boeing 777 aircraft to Mahan Air.
Also added to the list were S Sistem Lojistik, for shipping unmanned aerial vehicle components, and Mes Cargo, for acting as a general sales agent. At a time when the blockade on Iran continues, the decision increases the risk to US financial system access for intermediary companies in Türkiye and may prompt banks to tighten their compliance processes.
Talay assessment
Bottom line
The designation of three Türkiye-based companies confirms that OFAC sees intermediaries in Türkiye as priority targets within Iran's aviation and drone supply networks. The direct macroeconomic impact is limited, but the main consequence will be tighter compliance processes at banks and logistics firms. While the blockade on Iran continues, further Türkiye-linked designations are the most likely path.
Likely effects
- Turkish banks' compliance riskNegative1–6 months
Correspondent banks' concern over secondary sanctions may lead Turkish banks to apply stricter scrutiny to, or exit, aviation, logistics and Iran-linked clients, raising the cost of legitimate trade.
- Türkiye logistics and aviationNegativeWeeks
Charges relating to aircraft transfers, drone component shipments and general sales agency put intermediaries in Türkiye at risk of losing access to the US financial system; counterparty screening in the sector tightens.
- Türkiye–US relationsNegative1–6 months
Turkish companies repeatedly appearing on sanctions lists keeps sanctions compliance on the agenda between Ankara and Washington and creates diplomatic friction.
Possibilities, ranked
- 1Periodic new Türkiye-linked designations70%
OFAC continues to target Türkiye-based intermediaries in packages aimed at Iranian networks; banks tighten compliance screening in higher-risk sectors.
Watch: New Türkiye-based companies in OFAC sanctions list updates
- 2One-off impact, contained diplomatically25%
Ankara contains the issue through diplomatic channels and domestic oversight; no further Turkish companies are listed and the impact stays with these three firms.
Watch: A statement on sanctions compliance from Turkish authorities and no Turkish firms in subsequent packages
- 3Secondary sanctions reaching a financial institution5%
A Turkish financial institution dealing with intermediary networks faces direct secondary sanctions risk, prompting widespread de-risking in the banking sector.
Watch: A Turkish financial institution named in OFAC statements or a correspondent banking restriction
Probabilities are calibrated judgement based on the sources, not measurement, and are revised as new information arrives. Not investment advice.