US Sanctions Turkish Bank Over Alleged Iranian Financial Ties
The US Treasury has imposed sanctions on Turkey-based Golden Global Bank and two of its subsidiaries for allegedly providing Iran with access to the global financial system.
According to the Treasury, Golden Global Bank handled tens of millions of dollars in transactions for the Islamic Revolutionary Guard Corps' Quds Force, which allowed Iranian oil revenues from China to be moved into Turkey where they could be converted into cash and gold by money exchangers.
The bank knowingly offered correspondent banking services to Iranian financial institutions, allowing them to conduct international transactions through accounts controlled by the Quds Force and its proxies.
Treasury Secretary Scott Bessent stated that 'financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast.' He added, 'We know who you are, we know where you are, and we will continue to take action together with our allies and partners until we have buried the head of the Iranian snake.'