The United States has imposed sanctions on a Turkish financial institution and two of its subsidiaries, accusing them of helping Iran move and access revenues generated from oil sales.
The U.S. Treasury Department said that the sanctions against Golden Global Yatirim Bankasi Anonim Sirketi were part of Washington’s latest effort to disrupt what it described as “critical financial lifelines” supporting the Iranian government. According to the Treasury, Golden Global Bank and entities linked to it were established to facilitate Iran’s efforts to transfer oil revenues from China to Türkiye, where the funds could then be converted into cash and gold.
The department also accused the bank of knowingly providing banking services to Iranian financial institutions, including entities that were previously sanctioned by the United States for facilitating Tehran’s oil sales. Golden Global Bank was designated under Executive Order 13902, which targets individuals and entities operating in Iran’s financial sector or engaging in significant transactions involving goods or services connected to that sector.
The Treasury said that the bank had knowingly engaged in significant transactions related to Iran’s financial sector since January 10, 2020, providing the basis for its designation under the executive order. The sanctions also target two Türkiye-based subsidiaries controlled by Golden Global Bank.
They are Istanbul-based Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi. The Treasury designated both subsidiaries under Executive Order 13902 on the grounds that they are owned or controlled by, or have acted or purported to act on behalf of, Golden Global Bank.
The latest measures form part of a broader U.S. campaign to restrict Iran’s access to the international financial system and reduce its ability to generate and move revenue through overseas networks.
The sanctions come nearly a week after Treasury Secretary Scott Bessent announced what the administration has called “Operation Economic Outcast,” a new U.S. pressure campaign aimed at forcing Tehran to meet Washington’s demands following more than six months of war between the two countries.
The move against Golden Global Bank demonstrates how the campaign is being extended beyond Iranian entities themselves to foreign financial institutions that Washington believes are helping Tehran circumvent existing restrictions. By targeting a Turkish institution accused of facilitating the movement of Iranian oil revenues, the Treasury is seeking to make international banks and financial companies more cautious about conducting transactions that could benefit sanctioned Iranian entities.
The action could also increase pressure on financial institutions operating in countries that maintain commercial relationships with Iran, particularly those involved in handling oil revenues or providing financial services to Iranian banks.
Bessent Warns Financial Institutions
Bessent said that the latest sanctions should serve as a warning to financial institutions that maintain ties with Iran, arguing that Washington remains committed to enforcing its new economic pressure campaign. Bessent said in a Treasury press release that financial institutions with ties to Iran will “continue to find out the hard way that we are serious about Operation Economic Outcast.”
The Treasury Secretary said that Washington hoped the latest action would not have to be repeated, but suggested that further sanctions could follow if international financial institutions continued supporting the Iranian government. “While we hope no more banks will need to be sanctioned, that ultimately depends on how quickly the international community comes to its senses and ceases support of the murderous Iranian regime,” he said.
Bessent also issued a stark warning about the administration’s approach to financial institutions and other entities believed to be supporting Tehran. “We know who you are, we know where you are, and we will continue to take action together with our allies and partners until we have buried the head of the Iranian snake,” he said.
The Treasury’s latest measures come amid a wider escalation in the confrontation between Washington and Tehran. The Trump administration has resumed military strikes in recent days, while Iran has responded with retaliatory attacks, raising renewed concerns that the conflict could develop into a wider regional war.
The combination of military action and economic sanctions represents a two-pronged strategy by Washington to increase pressure on Tehran. However, the ultimate effect of the approach remains uncertain as President Donald Trump continues to face difficulties in bringing an end to the conflict.
The sanctions against Golden Global Bank emphasize Washington’s determination to target not only Iran’s financial institutions but also foreign entities accused of helping Tehran maintain access to international financial channels.
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