US blacklists Turkish bank and two subsidiaries over alleged Iran financial links
The US has sanctioned Turkish lender Golden Global Bank and its two subsidiaries, accusing them of helping Iran move oil revenues and access global finance. The bank has since then denied the allegations as Washington widens its sanctions campaign.
The US Treasury Department has sanctioned Turkey's Golden Global Yatirim Bankasi Anonim Sirketi and two of its subsidiaries for alleged financial links to Iran, expanding the country's efforts to isolate Tehran from international finance. The three entities were added to the Treasury's Specially Designated Nationals list, restricting them from US financial systems and dollar-based transactions.
The sanctions allege that Golden Global facilitated the movement of Iranian oil revenues from China to Turkey, where they could be converted into cash and gold, and provided correspondent banking services to Iranian financial institutions, allowing transactions involving accounts controlled by the Islamic Revolutionary Guard Corps-Qods Force and its proxies.
The Turkish bank rejects the allegations, stating it complied with local and international banking requirements and had no dealings with the sanctioned individuals and entities. The move is part of the Trump administration's broader strategy to pressure Iran by targeting financial networks that enable the country to generate revenue and move money abroad.
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