Treasury sanctions Turkish bank over Iran-linked transactions
Shafaq News- Washington
The US Treasury Department sanctioned Turkiye-based Golden Global Bank and two subsidiaries on Friday, accusing the financial institution of facilitating tens of millions of dollars in transactions for Iran’s Islamic Revolutionary Guard Corps-Quds Force (IRGC-QF).
Imposed by the Treasury’s Office of Foreign Assets Control (OFAC), the measures target Golden Global Yatirim Bankasi Anonim Sirketi and its Istanbul-based subsidiaries, Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi. According to the department, Golden Global provided Iran with access to international correspondent banking channels and helped transfer oil revenues from China to Turkiye for conversion into cash and gold.
— Treasury Department (@USTreasury) September 4, 2026
The bank was also accused of processing transactions through accounts controlled by the IRGC-QF and affiliated networks, including Turkish businessman Sitki Ayan and his companies. Ayan was designated by the US in 2022 over allegations that his network facilitated hundreds of millions of dollars in oil sales on behalf of the Iranian force.
“Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast,” Treasury Secretary Scott Bessent said.
The campaign, launched on August 24, targets Iranian revenue streams, oil transactions, sanctions-evasion networks, and financial channels that Washington alleges support weapons procurement and Tehran-aligned armed groups. Under the restrictions, any US-based assets belonging to the designated entities are frozen, while transactions involving them are generally prohibited. Foreign banks conducting significant business with the targets could also face limits on access to the American financial system.
Last week, the US Treasury moved to cut Banque Misr UAE off from correspondent banking relationships with US financial institutions after the bank processed about $1.8 billion for 103 companies allegedly linked to Iranian shadow banking networks between January 2024 and June 2026.
Iran has previously condemned the expanded US sanctions campaign, with its Foreign Ministry characterizing the measures as “state terrorism” and urging other countries not to enforce them.
