U.S. Treasury sanctions Turkish Golden Global Bank over alleged IRGC transactions

The U.S. Treasury Department announced sanctions on Turkey's Golden Global Yatirim Bankasi Anonim Sirketi and its two subsidiaries, alleging the bank helped move tens of millions of dollars for Iran's Islamic Revolutionary Guard Corps-Qods Force and provided the Iranian government with international banking access. The Treasury said the bank was created to enable Iran's shadow banking network to transfer oil revenues from China to Turkey using gold and cash.

Golden Global Bank issued a statement rejecting the accusations, saying it complies with all local and international banking regulations and that no transactions support the U.S. claims. The bank said it would exercise its right to object and pursue legal recourse against the sanctions.

"Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast," Treasury Secretary Scott Bessent said in a statement.

The sanctions add the bank and its subsidiaries to the Office of Foreign Assets Control's Specially Designated Nationals list, effectively cutting off access to the U.S. financial system. The bank asserted that the individuals and entities named in the OFAC decision have never been its customers.

U.S. Ambassador to Turkey Tom Barrack cautioned Turkish officials against interpreting the measure as a judgment on Turkey, noting that the health of the Turkish financial system is not in question, only the conduct of one institution.

The action follows recent U.S. steps to restrict other banks accused of facilitating Iran-related transactions, as Washington intensifies its economic pressure on Tehran.