U.S. Sanctions Turkish Bank for Facilitating Iran Transactions
The U.S. Treasury Department has sanctioned Golden Global Bank, a Turkish financial institution accused of enabling transactions that support an arm of Iran's Revolutionary Guard Corps (IRGC). The move is part of the Trump administration’s 'Operation Economic Outcast,' aimed at isolating Iran through sanctions on its business partners. Treasury Secretary Scott Bessent expressed hope that no more banks would need to be sanctioned, but emphasized this depends on international cooperation. Despite announcing these measures, tangible actions against China—Iran's largest trading partner and top oil buyer—have yet to materialize. The EU has joined the campaign, signaling broader support for isolating Iran economically. The sanctions target Golden Global Bank and its subsidiaries, which are alleged to have facilitated millions in transactions for the Quds Force of the IRGC. These actions provide correspondent banking access that allows Iranian funds to move internationally.
Topics: finance_regulation international_relations iran_sanctions