US imposes targeted sanctions on Turkish bank under new Iran pressure campaign

U.S. Secretary of State Marco Rubio instructed diplomats worldwide to tell host governments to “systematically identify and sever” ties to Iran and to shut down any Iranian bank branches operating in their jurisdictions.

On Friday, the Treasury Department announced sanctions on Turkey’s Golden Global Bank and its subsidiaries, accusing them of facilitating tens of millions of dollars in transactions for Iran’s Revolutionary Guard Corps-Quds Force, including oil revenues linked to China.

The measures are part of “Operation Economic Outcast,” a campaign described by President Donald Trump as an “economic D-Day” for Tehran. Treasury Secretary Scott Bessent said the United States has never engaged at this level of intensity and noted strong international support for the effort.

“We are speaking to our allies here, who have all come forward, and we have had a great show of support,” Bessent said at a G20 finance ministers meeting.

Analysts note that the sanctions have been applied incrementally rather than as a single sweeping action. Daniel Tannebaum, a senior fellow at the Atlantic Council, said the significance lies in signaling that the U.S. is willing to act against allies of Iran ahead of an upcoming U.S.–China summit.

“If they go at China, it will be very carefully orchestrated, where there are no surprises,” Tannebaum added.

Experts remain skeptical about the overall impact on Iran’s economy, which has adapted to sanctions for decades, and about whether the United States will target larger partners such as China, Pakistan or Oman. A regional source suggested the current focus on smaller banks is intended to pressure other countries without jeopardizing ongoing diplomatic efforts toward a peace deal.