US sanctions Turkish bank accused of providing Iran access to global financial system
The Treasury says Golden Global Bank handled tens of millions of dollars in transactions for the IRGC-QF and helped move Iranian oil revenues from China to Turkey
The US Treasury imposed sanctions on Turkey-based Golden Global Bank and two of its subsidiaries, accusing the financial institution of providing Iran with access to the international banking system and facilitating tens of millions of dollars in transactions for the Islamic Revolutionary Guard Corps’ Quds Force.
The Treasury said Golden Global Bank was established to help a network serving Iran’s leadership transfer oil revenues from China to Turkey, where the funds could be converted into cash and gold by money exchangers.
According to the department, the bank knowingly offered correspondent banking services to Iranian financial institutions, allowing them to conduct international transactions through accounts controlled by the Quds Force and its proxies.
Those accounts included ones linked to Turkish businessman Sitki Ayan and his companies, the Treasury said. Ayan’s network was sanctioned by the US in 2022 over allegations that it moved hundreds of millions of dollars generated by Quds Force oil sales.
“Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast,” Treasury Secretary Scott Bessent said. “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.”
The sanctions also target Golden Global Varlik Kiralama and Golden Global Portfoy Yonetimi, two Istanbul-based subsidiaries controlled by the bank.
The move was taken under a presidential order authorizing sanctions against entities operating in Iran’s financial sector. Any assets belonging to the designated institutions that are held in the United States or controlled by US persons must now be frozen, while foreign financial institutions conducting significant transactions with them could face secondary sanctions.
The measures form part of Operation Economic Outcast, a campaign announced by Bessent on August 24 to target the financial networks Iran uses to sell oil, evade sanctions and fund its regional proxies. The Treasury last week took action against financial channels providing Iran with access to banks in the United Arab Emirates.