US sanctions Turkish bank, two subsidiaries to pressure Iran

The US Treasury Department imposed new sanctions on a Turkish investment bank and two of its subsidiaries, in an effort to increase economic pressure on Iran. The targeted entities are Golden Global Yatirim Bankasi Anonim Sirketi, Golden Global Portfoy Yonetimi Anonim Sirketi, and Golden Global Varlik Kiralama Anonim Sirketi. These three companies were added to the Treasury's OFAC Specially Designated Nationals list, which cuts them off from the dollar-based financial system.

The Treasury also issued a general license to allow the winding down of transactions with the sanctioned entities.

US Treasury Secretary Scott Bessent stated that the latest action is a clear message to the targeted entities to cease their operations. He further warned that the US may sanction another bank in the near future. Bessent emphasized the importance of informing both the financial system and its allies about the entities involved and their activities.

Golden Global Yatrim Bankasi, the target bank, is the 35th-largest bank in Turkey by total assets, with total assets amounting to 25,024.68 million Turkish lira ($516.63 million) in 2025. The bank's existence was reportedly aimed at facilitating Iran's shadow banking network in transferring oil revenues from China to Turkey, where they could be converted into cash and gold by money exchangers.

The Treasury alleged that Golden Global offered correspondent banking services to Iranian financial institutions, enabling transactions through accounts controlled by the Islamic Revolutionary Guard Corps Quds Force and its proxies.

The sanctions come amid the ongoing US-Israel war with Iran, which has led to a global increase in energy prices. Bessent, who announced an economic onslaught against Iran's financial links worldwide, is seeking to force Tehran back to the negotiating table. He stated that the US aims to intensify economic pressure on Iran through weekly sanctions, initially focusing on banks.

However, sanctions expert Brett Erickson questioned the effectiveness of the action and warned that it could provoke retaliation from Iran, potentially causing greater damage to the global economy.