The United States Treasury Department has imposed sanctions on Golden Global Yatirim Bankasi Anonim Sirketi, a Turkish financial institution, accusing it of serving as a financial conduit for the Iranian government. According to officials, the bank and associated entities helped Iran convert oil revenues from sales to China into hard currency and gold. The bank was also accused of knowingly providing banking services to Iranian financial entities already under US sanctions to help them evade restrictions.
The Treasury stated this action is part of a broader effort to dismantle the financial infrastructure allowing Iran to export oil and move money. The sanctions freeze US-based assets tied to the bank, ban Americans from doing business with it, and complicate its ability to transact with other banks. Treasury Secretary Scott Bessent recently unveiled Operation Economic Outcast to choke off Iran’s remaining revenue sources.
Turkey maintains ties with both Iran and the United States, making its banks frequent targets of US scrutiny regarding sanctions evasion. Iran’s economy is under strain, with its central bank chief stating that oil export revenue has dropped near zero due to secondary sanctions. Washington indicated that further sanctions targeting Iran’s remaining trade and financial partners are likely.