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).
