US Sanctions Turkish Bank for Aiding Iran, Dodges China Conundrum
The US Treasury has taken action against a Turkey-based bank for allegedly facilitating Iranian financial flows. Golden Global Yatirim Bankasi Anonim Sirketi and two of its subsidiaries were placed under sanctions, accused of moving tens of millions of dollars on behalf of the IRGC-QF.
The department said the bank was established to transfer Iranian oil revenues from China to Turkey, where money exchangers could convert them into cash and gold. This operation is part of 'Operation Economic Outcast', a campaign launched by Scott Bessent on August 24 to block every potential source of revenue for Iran.
The move raises questions about whether broader China-related sanctions are being weighed against other US priorities, particularly ahead of President Xi Jinping's planned visit to Washington in September. The White House has said that Trump would welcome Xi in Washington this fall, reciprocating his own visit to Beijing earlier this month.