US Sanctions Turkish Bank Accused of Helping Iran Evade Financial Restrictions
The US Treasury Department has imposed new economic sanctions on Golden Global Yatirim Bankasi Anonim Sirketi, a Turkish bank accused of providing a financial lifeline to Iran.
According to the Treasury Department, Golden Global Bank was established in Turkey as part of a shadow banking network to circumvent previous sanctions against Iran.
The bank is alleged to have facilitated Iranian oil sales to China by handling the proceeds and converting them to cash and gold.
The sanctions target Golden Global Banks' two Turkey-based subsidiaries: Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi.
Treasury Secretary Scott Bessent said, 'Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast.'