US Sanctions Turkish Bank Accused of Facilitating Iran's Oil Revenue Transfers

The US Treasury Department has imposed sanctions on Golden Global Yatirim Bankasi Anonim Sirketi, a Turkish financial institution accused of enabling Iran's oil revenue transfers. The move is part of Operation Economic Outcast, launched by the Trump administration to isolate Iran from its remaining trading partners and force it to capitulate to US demands.

The Treasury Department claimed that the bank knowingly offered banking services to Iranian financial entities, including those already sanctioned by the US in 2022 for funneling Tehran's oil sales. The institution's primary goal is reportedly to increase Turkey's foreign trade through neighboring countries.

Golden Global Investment Bank was founded in 2019 as Turkey's first investment bank offering alternative financing methods to foreign companies. The sanctions come a day after Turkey's state-run Halkbank declared it had reached a settlement with the US Justice Department in a nine-year case focused on violating sanctions with Iran.