Shafaq News- Washington
The US Treasury Departmentsanctioned Turkiye-based Golden Global Bank and two subsidiaries on Friday,accusing the financial institution of facilitating tens of millions of dollarsin transactions for Iran’s Islamic Revolutionary Guard Corps-Quds Force (IRGC-QF).
Imposed by the Treasury’sOffice of Foreign Assets Control (OFAC), the measures target Golden GlobalYatirim Bankasi Anonim Sirketi and its Istanbul-based subsidiaries, GoldenGlobal Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi AnonimSirketi. According to the department, Golden Global provided Iran with access tointernational correspondent banking channels and helped transfer oil revenuesfrom China to Turkiye for conversion into cash and gold.
t.co/THZCQM0ybt
— Treasury Department (@USTreasury) September 4, 2026The bank was also accused ofprocessing transactions through accounts controlled by the IRGC-QF andaffiliated networks, including Turkish businessman Sitki Ayan and hiscompanies. Ayan was designated by the US in 2022 over allegations that hisnetwork facilitated hundreds of millions of dollars in oil sales on behalf ofthe Iranian force.
“Financial institutionscontinue to find out the hard way that we are serious about Operation EconomicOutcast,” Treasury Secretary Scott Bessent said.
The campaign, launched onAugust 24, targets Iranian revenue streams, oil transactions, sanctions-evasionnetworks, and financial channels that Washington alleges support weaponsprocurement and Tehran-aligned armed groups. Under the restrictions, anyUS-based assets belonging to the designated entities are frozen, whiletransactions involving them are generally prohibited. Foreign banks conductingsignificant business with the targets could also face limits on access to theAmerican financial system.
Last week, the US Treasury movedto cut Banque Misr UAE off from correspondent banking relationships with USfinancial institutions after the bank processed about $1.8 billion for 103companies allegedly linked to Iranian shadow banking networks between January2024 and June 2026.
Iran has previously condemnedthe expanded US sanctions campaign, with its Foreign Ministry characterizingthe measures as “state terrorism” and urging other countries not to enforcethem.
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