US blacklists Turkish bank and two subsidiaries over alleged financial ties to Iran | Today’s news
The United States has imposed sanctions on a Turkish investment bank and two of its subsidiaries over alleged financial ties to Iran, marking a significant expansion of Washington’s campaign to cut off Tehran from international finance.
US slaps sanctions on Turkish lender amid Iran crackdown
The US Treasury Department on Friday named Istanbul-based Golden Global Yatirim Bankasi Anonim Sirketi, along with Golden Global Portfoy Yonetimi Anonim Sirketi and Golden Global Varlik Kiralama Anonim Sirketi. All three were added to the Treasury Department’s list of Specially Designated Nationals, effectively cutting them off from the US financial system and dollar-based transactions.
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Washington says the bank provided important financial access for Iran’s shadow banking network and facilitated tens of millions of dollars in transactions linked to the Islamic Revolutionary Guard Corps-Qods Force.
The Treasury Department alleged that Golden Global was used to help move Iran’s oil revenues from China to Turkey, where the money could then be converted into cash and gold. It also accused the bank of providing correspondent banking services to Iranian financial institutions, enabling transactions involving accounts controlled by the IRGC-Qods Force and its proxies.
Golden Global denied the allegations.
The Turkish bank said it complied with local and international banking and regulatory compliance requirements and that the individuals and entities named in the US sanctions decision are not its customers. According to Reuters, she also said she had no direct or indirect relationship with them and would assert her legal rights against what she described as baseless allegations.
The sanctions come as the Trump administration steps up efforts to limit Iran’s remaining access to international trade and finance. Treasury Secretary Scott Bessent described the broader initiative as “Operation Economic Outcast,” with Washington seeking to pressure Tehran by targeting financial networks that allow it to generate revenue and move money overseas.
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Bessent already indicated this week that further sanctions against financial institutions were likely. Reuters reported that the Treasury Department expects to periodically impose secondary sanctions, initially focusing on banks and other institutions involved in transactions with Iran.
The latest action follows Washington’s move last week against branches of Egypt’s Banque Misr in the United Arab Emirates over alleged dealings with Iran. The Treasury Department is also targeting companies and intermediaries accused of helping Iran sell oil, particularly to China, which remains a major buyer of Iranian oil.
The Turkish case is particularly sensitive because of Ankara’s position as a US ally and NATO member. It also comes against the backdrop of long-standing difficulties faced by Washington in preventing Iran from maintaining trade relations through third countries.
The Treasury Department says these alternative financial networks have become essential for Iran because the country is already subject to extensive US sanctions. By restricting access to dollar-denominated correspondent banking, Washington is attempting to make it substantially more difficult for Iranian entities to receive foreign currency, settle international payments, and transfer revenues from oil sales.
The pressure comes alongside wider measures against Iran’s oil trade. Reuters reported this week that U.S. sanctions and the embargo on Iranian oil supplies have already weighed heavily on Tehran’s economy, with oil exports plummeting and inflationary and currency pressures worsening.
The Strait of Hormuz added another layer to the confrontation. Shipping on the strategic waterway remained well below normal levels on Thursday, with just four cargo vessels passing through it, compared with a 10-day average of 15, according to Kpler data cited by Reuters.
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For Golden Global, however, the immediate impact is financial rather than military. The Ministry of Finance has issued a general license that allows transactions involving sanctioned entities to be canceled, giving counterparties a limited period to terminate the trades concerned.
The broader message from Washington is clear: institutions helping Iran maintain access to international finance can themselves become targets, even if they operate outside of Iran.
And with Bessent warning that more banks could face sanctions, Friday’s action may just be the latest step in a campaign to make it more difficult to use Tehran’s remaining financial channels.
