US Slaps Sanctions on Turkish Bank for Alleged Iran Oil Revenue Facilitation

The US Treasury Department has imposed sanctions on Golden Global Yatirim Bankasi Anonim Sirketi, a Turkish financial institution, for allegedly facilitating Iran's efforts to move oil revenues from China to Turkey.

The bank is accused of knowingly providing banking services to Iranian financial institutions, including entities that have already been sanctioned by the US in 2022.

This action comes as part of the 'Operation Economic Outcast' campaign launched by Treasury Secretary Scott Bessent last week to isolate Iran from its remaining international trading partners and put additional economic pressure on Tehran.

The Trump administration has been seeking to pressure countries and financial institutions that continue to conduct business with Iran to reduce or end those ties, but has so far been cautious about imposing sanctions on some major trading partners of Iran.