US Sanctions Turkish Bank Over Alleged Ties to Iran Oil Revenue Network

The US Treasury Department has imposed sanctions on a Turkish investment bank and two subsidiaries for allegedly helping Iran move oil revenues through international financial systems.

The targeted entities are Golden Global Yatirim Bankasi Anonim Sirketi, asset manager Golden Global Portfoy Yonetimi Anonim Sirketi, and asset leasing company Golden Global Varlik Kiralama Anonim Sirketi. They have been added to the Treasury's Specially Designated Nationals list, effectively cutting them off from the US financial system.

The US alleges that Golden Global was established to facilitate Iran's shadow banking network, allowing oil revenues generated from sales to China to be transferred to Turkey and then converted into cash and gold through money exchangers. The bank is reportedly ranked as Turkey's 35th-largest bank by total assets, with approximately $517 million in assets.

The Treasury's latest move comes amid efforts to restrict Iran's access to international financial networks and pressure Tehran over its oil revenues. US Treasury Secretary Scott Bessent warned that the campaign will continue, with another bank potentially being sanctioned as early as next week.