US sanctions Turkish bank, two subsidiaries in bid to increase economic pressure on Iran

In a move to intensify economic pressure on Iran, the US Treasury Department announced new sanctions on a Turkish investment bank and two of its subsidiaries on Friday. The entities targeted are Golden Global Yatirim Bankasi Anonim Sirketi, Golden Global Portfoy Yonetimi Anonim Sirketi, and Golden Global Varlik Kiralama Anonim Sirketi, all based in Istanbul.

According to the Treasury's Office of Foreign Assets Control, all three were added to the OFAC Specially Designated Nationals list, effectively cutting them off from the dollar-based financial system. The Treasury also issued a general license to allow for the winding down of transactions with the sanctioned entities.

Treasury Secretary Scott Bessent stated that the action sends a clear message to the bank: "you are out of business." He added that more sanctions are expected in the coming weeks, with a focus on other financial institutions. The bank in question, Golden Global Yatrim Bankasi, is the 35th-largest bank in Turkey by total assets, with assets valued at 25,024.68 million Turkish lira ($516.63 million) in 2025.

The Treasury claims that the bank was established to facilitate Iran's shadow banking network in transferring oil revenues from China to Turkey, where they could be converted into cash and gold.

The sanctions come amid the ongoing US-Israel war with Iran, which has led to a spike in global energy prices. The Treasury's move is part of a broader campaign to economically pressure Tehran, which entered the conflict six months ago. Bessent, who recently announced an "economic onslaught" against Iran's financial networks abroad, expressed the goal of forcing Iran back to the negotiating table.

However, sanctions expert Brett Erickson, of Obsidian Risk Advisors, remains skeptical about the effectiveness of the action, suggesting it could only marginally increase pressure on Iran and potentially provoke retaliation from Tehran.