Shibbir Ahmed, WASHINGTON DC — The United States has imposed sanctions on a Türkiye-based financial institution and two of its subsidiaries, accusing them of providing critical international banking access to Iran and facilitating tens of millions of dollars in transactions linked to the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF).

The U.S. Department of the Treasury announced the action Friday as part of Operation Economic Outcast, a broader campaign aimed at disrupting Iran’s access to international financial networks and cutting off revenue streams that Washington says support the Iranian regime’s regional activities.

The Office of Foreign Assets Control (OFAC) designated Golden Global Yatirim Bankasi Anonim Sirketi, also known as Golden Global Bank, under Executive Order 13902. Two Türkiye-based subsidiaries—Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi—were also designated.

According to the Treasury Department, Golden Global Bank provided correspondent banking services to Iranian financial institutions, allowing funds connected to Iran to move through the international financial system.

Treasury alleged that the bank was established to facilitate the transfer of Iranian oil revenues from China to Türkiye, where the proceeds could subsequently be converted into cash and gold through money exchangers associated with Iran’s financial networks.

The department also said the bank knowingly facilitated transactions involving accounts controlled by the IRGC-QF and its proxies. Treasury specifically cited a network connected to Turkish businessman Sitki Ayan and his companies, which the U.S. sanctioned in 2022 over alleged involvement in moving hundreds of millions of dollars related to IRGC-QF oil sales.

“Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast,” Treasury Secretary Scott Bessent said in announcing the action.

The Treasury said the latest sanctions are intended to send a warning to financial institutions around the world that facilitating Iranian sanctions evasion or illicit financial activity could result in restrictions on access to the U.S. financial system.

Part of broader pressure campaign

The action is the latest development in Operation Economic Outcast, which Treasury Secretary Bessent announced on Aug. 24. The campaign focuses on financial networks that the U.S. says Iran uses to generate revenue, evade sanctions and move money internationally.

Treasury said Iran’s existing U.S. sanctions have pushed the country toward multinational “shadow banking” networks that provide access to international financial channels, including U.S. dollar correspondent banking relationships.

Washington has increasingly targeted financial intermediaries outside Iran that it says help Iranian institutions access the global financial system. On Aug. 28, the Treasury Department announced measures targeting Iran’s access to banks in the United Arab Emirates, including a proposed rule that would restrict Banque Misr UAE’s correspondent banking access to U.S. financial institutions.

Sanctions take effect immediately

Under the latest action, property and interests in property belonging to the designated entities that are in the United States or under the possession or control of U.S. persons are blocked and must be reported to OFAC.

U.S. persons are generally prohibited from conducting transactions involving the blocked entities unless authorized by OFAC. The sanctions can also affect foreign financial institutions that knowingly conduct or facilitate certain significant transactions involving sanctioned persons.

OFAC said it has also issued Iran General License CC, which authorizes a limited wind-down of certain transactions involving persons blocked in the Sept. 4 action. The Treasury Department said it will continue identifying financial institutions and other intermediaries that provide Iran with access to international financial channels.

Washington has said the ultimate objective of the sanctions campaign is to pressure Tehran to abandon activities that the U.S. considers destabilizing, including support for armed groups in the Middle East and efforts related to its military capabilities.

Source: U.S. Department of the Treasury and Office of Foreign Assets Control (OFAC).

Shibbir Ahmed, WASHINGTON, D.C. — The United States imposed new sanctions on Cuba on Thursday, targeting a member of the Castro family, a Cuban state-owned bank and four entities linked to the country’s mining and energy sectors as the Trump administration stepped up pressure on Havana.

The U.S. Department of State said the latest measures target five entities and one individual under President Donald Trump’s Executive Order 14404, which authorizes sanctions against foreign persons determined to meet specified criteria related to repression in Cuba and other threats to U.S. national security and foreign policy.

The administration said the measures are part of a broader effort to disrupt the Cuban government’s financial networks and restrict its ability to obtain resources used to sustain its economic and security apparatus.

Castro Family Member Added to Sanctions List

Among those designated Thursday is Fidel Ernesto Castro Calis, a grandson of former Cuban leader Raúl Castro. According to the State Department, Castro Calis was designated because he is an adult family member of Alejandro Castro Espín, who was previously designated under Executive Order 14404.

Alejandro Castro Espín, the son of Raúl Castro, and his son Raúl Alejandro Castro Calis, the brother of Fidel Ernesto Castro Calis, were designated on June 4, 2026. The latest action expands the administration’s sanctions targeting members of the Castro family and individuals it says are connected to Cuba’s ruling establishment.

Cuban State-Owned Bank Targeted

The United States also designated Banco Exterior de Cuba, a Cuban state-owned bank that specializes in corporate banking, foreign-trade financing and international transactions. The State Department said the bank was sanctioned for operating in or having operated in Cuba’s financial-services sector.

The designation could further complicate Cuba’s access to international financial channels and increase compliance risks for foreign banks and businesses conducting transactions involving the Cuban financial system.

Mining Sector Comes Under Pressure

Two Cuban entities connected to the country’s metals and mining industry were also designated. They are Empresa de Servicios Comandante Rene Ramos Latour (NICAROTEC) and Empresa Importadora y Abastecedora del Niquel (CEXNI).

NICAROTEC is described by the State Department as a Cuban state-owned industrial and technical services company that provides geological and mining support to the country’s nickel industry. CEXNI is a foreign-trade and logistics company that imports and supplies specialized raw materials, machinery and equipment for Cuba’s nickel and cobalt industries. The move puts additional pressure on an important segment of Cuba’s natural-resource economy, particularly its nickel and cobalt operations.

Energy Companies Also Sanctioned

The administration also targeted two companies associated with Cuba’s energy sector. Empresa Importadora de Abastecimiento para el Petroleo (ABAPET) was designated because it is owned, controlled or directed by, or acts on behalf of, Unión Cuba-Petróleo (CUPET), Cuba’s state oil company.

The State Department said ABAPET provides procurement support for CUPET and has imported technological equipment, spare parts, specialized tools and industrial inputs needed to sustain Cuba’s energy sector.

The United States also designated Comercial CUPET S.A., a Cuban state-owned company that represents CUPET in negotiations and joint ventures with foreign companies. The designations could make it more difficult for Cuba’s energy sector to obtain foreign equipment, financing and business partnerships.

Sanctions Block Property and Restrict Transactions

Under Executive Order 14404, property and interests in property belonging to the designated individuals and entities that are located in the United States or under the possession or control of U.S. persons are blocked and must be reported to the Treasury Department’s Office of Foreign Assets Control (OFAC). The order also applies to entities that are owned individually or collectively, directly or indirectly, 50 percent or more by one or more blocked persons.

U.S. persons are generally prohibited from conducting transactions involving property or interests in property of designated or otherwise blocked persons unless the transaction is authorized by an OFAC general or specific license or is otherwise exempt. The restrictions include providing or receiving funds, goods or services involving blocked persons.

Foreign Banks and Companies Face Sanctions Risk

The new measures could also have consequences beyond U.S. companies and citizens. The State Department warned that foreign persons engaging in transactions with individuals or entities designated under Executive Order 14404, or operating in certain identified Cuban sectors, could themselves face sanctions.

The sectors identified under the order include energy, defense and related materiel, metals and mining, financial services and security. The warning is particularly significant for foreign financial institutions, which may face increased sanctions and compliance risks when dealing with Cuban entities subject to U.S. restrictions.

The State Department also cautioned non-U.S. persons against returning blocked assets to sanctioned parties or transferring such assets to another jurisdiction for potential use by a designated target.

Part of Broader Cuba Policy

The latest measures are part of a broader Trump administration policy aimed at increasing pressure on the Cuban government. The United States has maintained a longstanding sanctions and embargo framework against Cuba, including the Cuban Assets Control Regulations (CACR). The new measures add further targeted restrictions to that existing framework rather than creating an entirely new Cuba embargo.

The administration has said its Cuba policy is intended to promote human rights, the rule of law, free markets, private enterprise and democratic governance. In its statement Thursday, the State Department argued that the Cuban people continue to face economic hardship while the Castro family and other regime-linked elites retain control over significant economic resources.

Washington Says Goal Is Behavioral Change

The State Department said the purpose of sanctions is not simply to punish individuals or institutions. “The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior,” the department said.

The administration says the sanctions are designed to weaken the financial networks and economic structures that support what Washington describes as Cuba’s repressive government. The measures also reflect President Trump’s stated goal of supporting what his administration describes as a “free Cuba.”

Sanctions Expand in 2026

Thursday’s action is the latest in a series of U.S. sanctions targeting Cuban individuals and state-linked institutions during 2026. The Trump administration has increasingly focused its Cuba policy on individuals associated with the country’s ruling structure as well as strategic sectors of the economy, including financial services, energy, mining and other industries.

The September 3 designations further expand that approach by targeting a state-owned bank, companies connected to Cuba’s nickel and cobalt industries, and entities linked to the country’s oil and energy sector. The new measures are expected to increase pressure on Cuba’s ability to access international financial services, obtain industrial equipment and maintain foreign commercial partnerships.

However, the sanctions do not mean that every transaction involving Cuba is prohibited. U.S. sanctions regulations include specific exemptions and licensing provisions for certain activities.

The broader question now is whether the intensified economic pressure will force meaningful changes by the Cuban government—or further deepen the economic difficulties already facing the Cuban population.

Shibbir Ahmed, WASHINGTON DC — The United States is preparing to intensify economic pressure on Iran with a new campaign of weekly secondary sanctions, Treasury Secretary Scott Bessent said Monday, as military tensions between Washington and Tehran sharply escalated.

Bessent told Reuters that the U.S. Treasury Department is expected to announce new secondary sanctions every week, beginning with measures targeting banks and financial institutions that help Iran maintain access to international markets.

The planned measures are designed to further restrict Iran’s access to the global financial system and increase pressure on institutions and countries that continue doing business with Tehran. The announcement comes as the United States and Iran have entered their most serious period of renewed hostilities in weeks.

U.S. forces struck two Iranian launchers on Larak Island on Sunday after American forces identified what U.S. officials said were preparations by Iran’s Islamic Revolutionary Guard Corps to launch rockets carrying sea mines into the Strait of Hormuz.

Iran responded by launching missiles toward U.S. military bases in Jordan, according to U.S. and Iranian officials. The attacks marked the first direct exchange of fire between the two sides in about a month. President Donald Trump on Monday warned that the United States would respond forcefully to Iran’s attacks. The latest escalation has raised concerns about a wider regional conflict, particularly because of the strategic importance of the Strait of Hormuz, a critical route for global oil shipments.

Financial Pressure on Iran

The planned sanctions would expand the use of so-called secondary sanctions, which can penalize foreign companies, banks and other institutions that conduct certain business with Iran even when those entities are not based in the United States.

Bessent said the campaign would initially focus on banks and could increasingly target institutions that help Iran move money through the international financial system. The Treasury secretary’s announcement represents a further expansion of the administration’s economic campaign against Tehran.

The United States has already broadened the range of Iranian economic activities that could expose foreign businesses to secondary sanctions, including sectors such as digital assets, gold, technology, aviation and shipping.

Last week, the Treasury Department launched what it described as an unprecedented campaign against Iranian financial networks, targeting channels used by Tehran to generate revenue, evade sanctions and finance activities opposed by Washington.

Military Tensions Add to Economic Pressure

The new sanctions strategy comes as diplomatic and military tensions continue to worsen. The U.S. military said its strike on Larak Island was aimed at preventing Iran from deploying sea mines in the Strait of Hormuz. Iran has rejected the U.S. justification and warned that it would respond to further attacks.

Following the Iranian missile launches toward U.S. forces in Jordan, Trump said the United States would respond strongly. Reuters reported that the exchange of attacks represents a renewed escalation after a period in which the two sides had avoided direct military confrontation.

The conflict has also affected global energy markets. Brent crude oil futures settled more than 2.5% higher on Monday after the latest U.S.-Iran military exchanges, reflecting renewed concerns over the security of oil shipments through the Strait of Hormuz.

Pressure on Iran’s Financial Lifelines

The Trump administration has increasingly focused on Iran’s financial networks as part of its broader strategy to weaken Tehran’s ability to fund its government, military and regional activities.

The planned weekly sanctions would represent a significant escalation because foreign financial institutions could face increasing pressure to choose between maintaining business relationships with Iran and retaining access to the U.S.-dominated international financial system.

For Iran, the measures could further complicate access to foreign currency, international banking services and overseas trade. For the United States and its allies, however, the strategy carries its own risks, particularly if increased economic pressure contributes to further military escalation or disruption of global energy supplies.

With the United States preparing additional sanctions and military tensions rising, the coming days could determine whether the latest confrontation remains limited or develops into a broader regional crisis.

Shibbir Ahmed, WASHINGTON, D.C. — August 28, 2026: The United States has imposed new sanctions targeting Iran’s financial network, including a senior official at Iran’s Bank Melli branch in Dubai, as Washington intensifies economic pressure on the Iranian regime. The latest measures were announced Friday under the Trump administration’s continuing “Operation Economic Outcast” campaign.

The U.S. government sanctioned Reza Mohammad Taeedi, manager of Bank Melli’s Dubai branch, accusing the Iranian bank of serving as a key financial hub for Iran’s armed forces. According to the U.S. government, Bank Melli has provided financial support to Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and the Ministry of Defense and Armed Forces Logistics, both of which are already under U.S. sanctions.

Washington also imposed sanctions on a Hong Kong-based company that it says helped designated Iranian individuals and entities gain access to the international financial system. Separately, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would cut Banque Misr UAE off from correspondent banking access to U.S. financial institutions. Treasury officials said Banque Misr UAE represents a critical channel through which the Iranian regime can access U.S. dollars.

“The latest action intensifies our pressure campaign against Iran,” the U.S. government said in its statement. Washington accused the Iranian regime of prioritizing what it described as malign activities over the needs of the Iranian people and said it would continue targeting individuals and entities involved in illicit financial activities on behalf of Iran.

The sanctions also specifically target individuals working for Iranian banks outside Iran, signaling an effort by Washington to disrupt the regime’s financial operations beyond the country’s borders.

The sanctions were imposed under Executive Order 13224, as amended, a U.S. counterterrorism authority, and Executive Order 13902, which targets individuals and entities operating in Iran’s financial sector.

FinCEN’s proposed action against Banque Misr UAE was taken under Section 311 of the USA PATRIOT Act, which gives the U.S. government authority to take special measures against foreign financial institutions or jurisdictions considered to pose money-laundering or other financial risks. The U.S. Treasury Department said additional details on the sanctions and proposed financial restrictions are available in its related enforcement announcement.