The U.S. Treasury Department targeted several Turkish financial institutions over their ties to Iran as Washington expands its efforts to isolate Tehran economically.
The new restrictions, handed down by the Office of Foreign Assets Control on Friday, target Golden Global Yatirim Bankasi Anonim Sirketi and its subsidiaries, which have facilitated “tens of millions of dollars’ worth of transactions for the Islamic Revolutionary Guard Corps-Quds Force,” according to a statement from Treasury.
“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. “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 murderous Iranian regime.”
The order essentially prohibits U.S. financial institutions or individuals from doing business with Golden Global. Violations of the order could be met with civil or criminal penalties, according to Treasury.
Golden Global Bank has, for years, been accused of working to transfer Iran’s oil revenues from China, eventually converting them to cash and gold.
Treasury officials say the Turkish banking system is one cog in Iran’s expansive rahbar network, a clandestine shadow banking and currency system used to evade heavy Western sanctions.
The move is the latest in Treasury’s Operation Economic Outcast, a new scheme to cut off Iran’s access to global markets.
Mr. Bessent announced the plan last month and vowed to sanction any financial institution that continues doing business with Tehran. He specifically threatened nations that they must close Iranian-controlled banks hosted in their countries.
Mr. Bessent said in an interview with America’s Voice News on Friday that he expects Treasury to sanction another Iran-linked bank next week.
The restrictions on Golden Global are the most extreme measures under the campaign after the Treasury handed down sanctions on the United Arab Emirates branch of the Egyptian state-owned Banque Misr.
Treasury has yet to target many of Iran’s most important economic lifelines in China, namely several state-owned banks that serve as Tehran’s gateway to world markets. Economic analysts note that targeting such banks would not only create serious ripple effects in the world economy, but also would throttle diplomatic relations with Beijing as President Trump prepares to host President Xi Jinping at the White House this month.
Golden Global Bank is not a state-run bank in Turkey and is likely not even Iran’s primary financial link there. The far bigger target would be Halkbank, the state-owned commercial bank that has been accused of helping Iran move more than $20 billion worth of oil and gas revenue.
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