US Slaps Sanctions on Turkish Bank Accused of Aiding Iran

The US Treasury Department has imposed sanctions on Golden Global Yatirim Bankasi Anonim Sirketi, a Turkish financial institution, as part of its effort to sever 'critical financial lifelines' for the Iranian government.

The bank was accused by the Treasury Department of being established to enable Iran's efforts to transfer oil revenues from China to Turkey, where they could be converted to cash and gold.

Treasury Secretary Scott Bessent said that financial institutions with ties to Iran will 'continue to find out the hard way' that the US is serious about its new effort to isolate Iran.