Commodities
US Cuts Off Turkey Bank Tied to Iran Sanctions Evasion
The US Treasury Department has imposed sanctions on Golden Global Bank, an Istanbul-based bank in Turkey, as part of 'Operation Economic Outcast' to pressure Iran into submission.
The bank allegedly laundered millions of dollars from Iranian oil sales to China for the Islamic Revolutionary Guard Corps (IRGC).
Treasury Secretary Scott Bessent said that financial institutions are finding out 'the hard way' that the US is serious about the operation, and warned others that they too could face sanctions.
The sanctions have severed Iran's critical financial lifelines in Turkey and disconnected Golden Global from the international financial system.