IRAN
September 4, 2026 · 20:40 UTC
US Turkish bank, two subsidiaries in bid to increase economic pressure on Iran
Overview
The sanctions put the financial entities on the US Treasury's OFAC Specially Designated Nationals list as part of US President Donald Trump's campaign to increase economic pressure on Tehran.
Short history
The US and Israel began strikes on Iran on 28 February 2026. Weekly strike and counter-strike phases followed, with naval clashes in the Strait of Hormuz. A June 17 lifted the US naval and Iran's closure of the strait and set a 60-day negotiating window. That window collapsed on 8 July after Iran struck three commercial tankers and moved to shut the strait again. On 4 September 2026 the US Treasury put a Turkish bank and two of its subsidiaries on the OFAC Specially Designated Nationals list. The action blocks US persons from dealing with those entities and freezes any assets they hold under US jurisdiction.
Constitutional analysis
The Constitution grants the federal government power to regulate commerce with foreign nations under Article I, Section 8, Clause 3. The founders built this authority on the principle that a unified national government must speak with one voice in dealings with other countries to protect American security and prosperity. Alexander Hamilton explained in Federalist No. 75 that the treaty power and related foreign-affairs tools exist so the nation can act decisively against threats without the delays of separate state policies. The Tariff Act of 1789, passed by the first Congress, used economic measures to defend American interests abroad. George Washington invoked federal authority to enforce laws and maintain order during the Whiskey Rebellion of 1794, showing the executive branch’s duty to carry out measures that safeguard the republic. These sanctions on a Turkish bank and its subsidiaries follow that tradition of using enumerated powers to apply pressure where American leaders see danger to national peace. The founding generation viewed such steps as tools to secure the unalienable rights named in the Declaration, starting with the right to life itself.
Primary sources