The U.S. Treasury Department has imposed sanctions on Turkey’s Golden Global Bank and its subsidiaries for allegedly facilitating financial transactions for Iran’s Revolutionary Guard. Treasury Secretary Scott Bessent indicated that further bank sanctions might be necessary depending on international cooperation against the Iranian regime.
The sanctions target the bank’s role in moving oil revenues from China to Turkey and providing access to international financial markets for Iranian institutions. This action is part of the broader “Operation Economic Outcast” aimed at isolating Iran, though significant actions against China, Iran’s top trading partner, are still pending.
The U.S. Treasury Department has levied sanctions against Golden Global Bank, a small Turkish investment bank, and two of its subsidiaries, alleging they played a crucial role in funneling funds for Iran's Revolutionary Guard. This move marks the second financial institution targeted under the Trump administration's "Operation Economic Outcast," an initiative aimed at isolating Tehran by penalizing its international business partners.
U.S. Treasury Secretary Scott Bessent announced new sanctions against Iran on August 24, 2026. (Image: Mehmet Eser | Anadolu | Getty Images)
Treasury Secretary Scott Bessent stated, "While we hope no more banks will need to be sanctioned, that ultimately depends on how quickly the international community comes to its senses and ceases support of the murderous Iranian regime." He added, "We know who you are, we know where you are, and we will continue to take action together with our allies and partners until we have buried the head of the Iranian snake."
Golden Global Bank, with assets around $517 million in 2025, was reportedly established to help Iran's "rahbar network" transfer oil revenues from China to Turkey, where the funds could be converted into cash and gold by shadow banking entities. The Treasury Department noted that the bank "knowingly offered to provide correspondent banking services to Iranian financial institutions," facilitating tens of millions of dollars in transactions for the Quds Force, the expeditionary arm of Iran's Revolutionary Guard.
This action follows recent sanctions against a United Arab Emirates branch of an Egyptian bank for similar ties to Iran. The European Union has publicly supported "Operation Economic Outcast" and officially joined the campaign this week. Despite President Trump's characterization of the operation as an "economic D-Day," tangible actions against China, Iran's largest trading partner, have yet to materialize, leading to skepticism among some experts about the administration's willingness to risk strained relations with Beijing before an upcoming meeting between Trump and Chinese President Xi Jinping.
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