US Targets Turkish Bank in Bid to Cut Iran Off from Global Financial System

The US Treasury Department has sanctioned Turkey's Golden Global Bank and two of its subsidiaries for allegedly helping Iran move money through the international banking system.

The bank, which is Turkey's 35th-largest by assets, was accused of providing correspondent banking services that allowed Iranian financial institutions to move money internationally.

The Treasury Department said Golden Global knowingly offered those services for transactions involving accounts controlled by the Quds Force and its proxies, and helped a network used by Iran to transfer proceeds from oil sales in China to Turkey.

This latest action falls under Operation Economic Outcast, which aims to target Iran's remaining sources of foreign revenue and the financial channels used to move that money.