US Sanctions Turkey's Golden Global Investment Bank Over Iran Financial Ties

The US Treasury has imposed sanctions on Turkey's Golden Global Investment Bank for its alleged involvement in helping Iran transfer oil revenues from China to Turkey. The bank is accused of knowingly providing services to Iranian financial entities, including institutions previously sanctioned for facilitating Tehran's oil sales.

The move comes as part of the 'Operation Economic Outcast' campaign aimed at isolating Iran financially and pressuring countries that continue trading with Tehran. Treasury Secretary Scott Bessent warned that financial institutions maintaining ties with Iran would face US penalties.

The sanctions follow a settlement reached by Turkey's state-owned Halkbank with the US Justice Department in a long-running case involving alleged violations of US sanctions on Iran. The bank was accused of facilitating the movement of about $20 billion in Iranian oil revenues.