US issues sanctions on Turkish bank that it calls lifeline for Iran

The U.S. Treasury Department has imposed sanctions on Turkey's Golden Global Yatirim Bankasi Anonim Sirketi, citing it as a critical financial lifeline for Iran. This move is part of the administration's latest effort to sever financial connections with Tehran in the ongoing conflict. Treasury Secretary Scott Bessent launched "Operation Economic Outcast" last week, targeting already sanctioned Iran to compel it to comply with U.S. demands.

The Turkish bank, established in 2019, allegedly facilitates Iran's transfer of oil revenues from China to Turkey, where they are converted into cash and gold. Bessent warned that financial institutions with ties to Iran will face further consequences unless the international community ceases supporting the Iranian regime. However, efforts to isolate Iran through economic means have thus far been unsuccessful.