The US Treasury Department has imposed sanctions on a Turkish investment bank and two of its subsidiaries, accusing them of helping Iran access the international financial system.
According to the Treasury's Office of Foreign Assets Control (OFAC), the entities targeted are Istanbul-based Golden Global Yatirim Bankasi Anonim Sirketi, asset manager Golden Global Portfoy Yonetimi Anonim Sirketi and asset leasing firm Golden Global Varlik Kiralama Anonim Sirketi.
Reuters reported that the three entities have been added to OFAC's Specially Designated Nationals list, effectively cutting them off from the US dollar-based financial system. The Treasury has also issued a general licence allowing the wind-down of existing transactions with the sanctioned entities.
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The US alleges that Golden Global Bank facilitated tens of millions of dollars in transactions for Iran's Islamic Revolutionary Guard Corps-Qods Force and provided correspondent banking services to Iranian financial institutions.
The Treasury further alleged that the bank was established to help Iran's shadow banking network transfer oil revenues from China to Turkey, where the funds could be converted into cash and gold.
US Treasury Secretary Scott Bessent said Washington was serious about targeting financial institutions that support Iran. In an interview with America's Voice News, Bessent said another bank could be sanctioned as early as next week.
The latest action comes as the Trump administration steps up its economic campaign against Tehran amid the ongoing US-Israel war with Iran. Bessent had previously described the effort as an economic onslaught aimed at disrupting Iran's financial links and pushing the country back to the negotiating table.
Last week, Washington imposed Patriot Act restrictions on branches of Egypt's Banque Misr in the UAE over their dealings with Iran, limiting their access to US dollar transactions.
Bessent told Reuters that the Treasury could introduce new secondary sanctions every week, initially focusing on banks, as Washington seeks to intensify pressure on Iran.
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However, sanctions expert Brett Erickson of Obsidian Risk Advisors questioned whether the latest measures would have a significant impact.
"The sanctioning of Golden Global will marginally increase pressure on Iran," Erickson told Reuters, while warning that further pressure could prompt retaliation from Tehran and potentially hurt the global economy.
Golden Global Yatirim Bankasi is Turkey's 35th-largest bank by total assets, according to TheBanks.EU. Its assets stood at 25.02 billion Turkish lira ($516.63 million) in 2025, Reuters reported.
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