U.S. sanctions Turkish bank over alleged Iran oil revenue transfers
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The U.S. Treasury imposed sanctions on Golden Global Yatirim Bankasi for purportedly facilitating Iranian oil revenue movements, part of a broader effort to isolate Iran financially.
The U.S. Treasury announced sanctions on Golden Global Yatirim Bankasi Anonim Sirketi, accusing the Istanbul-based institution of helping Iran move oil revenues from China to Turkey for conversion into cash and gold. The action is part of "Operation Economic Outcast," a campaign launched by Treasury Secretary Scott Bessent to pressure Iran by cutting off remaining financial channels.
The Treasury said the bank knowingly provided services to Iranian entities that were already under U.S. sanctions in 2022. Bessent warned that banks with ties to Iran will face further penalties, stating in a press release,
"While we hope no more banks will need to be sanctioned, that ultimately depends on how quickly the international community comes to its senses and ceases support of the Iranian regime."
The sanction follows a recent settlement by Turkey’s state-run Halkbank with the U.S. Justice Department over a separate case involving alleged illegal transfers of Iranian oil revenues. The U.S. has also limited operations of an Egyptian bank in the United Arab Emirates but has not imposed broader sanctions on major trading partners such as China or India.
Golden Global Investment Bank, founded in 2019, describes itself as Turkey’s first investment bank offering financing services to foreign companies and aims to boost Turkey’s foreign trade. The Treasury’s move reflects ongoing U.S. efforts to combine economic pressure with recent military actions in the region.