US sanctions Turkish bank alleged to be conducting transactions for Iran’s IRGC

The US Treasury Department has sanctioned a Turkish bank, Golden Global Yatirim Bankasi Anonim Sirketi, for allegedly facilitating transactions for Iran's Islamic Revolutionary Guard Corps Quds Force. In a recent statement, the department alleged that the bank knowingly provided correspondent banking services to Iranian financial institutions, allowing transactions to be conducted through accounts controlled by the IRGC-QF and its proxies.

The bank reportedly facilitated tens of millions of dollars worth of transactions for the IRGC. This action is part of the Trump administration's ongoing efforts to economically pressure Iran, six months into the war, which has led to increased global energy prices. Treasury Secretary Scott Bessent recently introduced Operation Economic Outcast, aimed at further squeezing Iran's economy.

Bessent emphasized that financial institutions are now recognizing the seriousness of the US stance, stating that more sanctions may be necessary until the international community ceases supporting the "murderous Iranian regime."