Washington, United States – The U.S. Department of the Treasury imposed sanctions on Turkish investment bank Golden Global Bank and two of its subsidiaries, accusing the institution of facilitating multi-million-dollar transactions for Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) under its “Operation Economic Outcast” initiative.
Disrupting Shadow Banking and Oil Revenue Channels
According to the U.S. Treasury, Istanbul-based Golden Global Yatirim Bankasi and its affiliates were designated to sever their access to the U.S. dollar-based global financial system. Federal officials stated that the bank enabled the transfer of Iranian oil revenues from China to Turkey, where funds were converted into cash and gold through illicit shadow-banking networks, alongside knowingly providing correspondent banking services to sanctioned Iranian entities.
The enforcement action forms part of an intensified economic campaign led by U.S. Treasury Secretary Scott Bessent aimed at systematically isolating Tehran from international capital markets and dismantling secondary sanctions evasion schemes.
Ultimately, the designation of the Turkish financial institution highlights Washington’s strategy to penalize foreign intermediaries operating within key regional trade hubs. The U.S. administration continues to utilize targeted secondary sanctions to restrict Tehran’s access to international revenue streams and curb its foreign financial operations.
