US targets Turkish entities with Iran-related sanctions

The US Treasury Department imposed new sanctions on a Turkish investment bank and two of its subsidiaries, citing their alleged role in facilitating Iran's oil revenues. The three entities - Golden Global Yatirim Bankasi Anonim Sirketi, Golden Global Portfoy Yonetimi Anonim Sirketi, and Golden Global Varlik Kiralama Anonim Sirketi - were added to the Treasury's list of Specially Designated Nationals, cutting them off from the dollar-based financial system. The Treasury also issued a general license for the entities to wind down their transactions.

Treasury Secretary Scott Bessent described the move as a "code for you are out of business" and warned of further sanctions in the coming weeks. The targeted bank, Golden Global Yatrim Bankasi, is the 35th-largest in Turkey with total assets of $516.63 million. According to the Treasury, the bank was established to enable Iran's shadow banking network to transfer oil revenues from China to Turkey, where they could be converted to cash and gold.

The sanctions come as part of the Trump administration's efforts to economically pressure Iran, six months into the US-Israel war with Iran. Bessent aims to force Tehran back to the negotiating table and has announced an "economic onslaught" against Iran's financial links globally. The latest sanctions are likely to be a weekly occurrence, targeting banks first, in an intensified campaign to pressure Iran economically.