The United States Treasury Department announced sanctions against Golden Global Yatirim Bankasi Anonim Sirketi and its subsidiaries on Friday, accusing the Turkish financial institution of processing transactions valued in the tens of millions of dollars on behalf of Iran’s Islamic Revolutionary Guard Corps-Qods Force. According to Treasury officials, the bank provided Iranian authorities with banking access needed to transfer government funds across international borders.
The US alleged that Golden Global Bank was specifically established to enable Iran’s shadow banking network, known as the rahbar system, to move oil revenues from China through Turkey using gold and cash transactions. The sanctions designation places the bank and two affiliated entities on the Office of Foreign Assets Control’s Specially Designated Nationals list, which effectively severs their access to the US financial system.
Golden Global Bank issued a statement denying the accusations, asserting that it maintains full compliance with local and international banking regulations. The institution stated that no transactions in its records substantiate the US claims and said the individuals and entities cited in the sanctions decision have never been customers. The bank announced its intention to pursue all available legal remedies and lodge formal objections to the decision.
Treasury Secretary Scott Bessent characterized the action as part of what he termed “Operation Economic Outcast,” describing it as evidence of serious enforcement against financial institutions facilitating Iran-related transactions. US Ambassador to Turkiye Tom Barrack sought to clarify that the sanctions target only the specific institution’s conduct rather than representing a judgment on Turkey’s financial system overall.
The development follows similar Treasury actions against other financial institutions in the Middle East region. Bessent indicated earlier this week that additional bank sanctions targeting Iran-related activities would likely be announced in the coming weeks as part of an expanded economic campaign against Tehran.
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