The U.S. Treasury Department has sanctioned Turkey’s Golden Global Bank and two subsidiaries, accusing them of facilitating funds for Iran’s Revolutionary Guard and Quds Force as part of ‘Operation Economic Outcast’. Treasury Secretary Scott Bessent expressed hope that no more banks would need sanctioning but warned the international community to cease supporting the Iranian regime. This action comes amid scrutiny over the U.S.’s decision to not yet sanction China, Iran’s largest trading partner.
The U.S. Treasury Department has taken decisive action against Turkey's Golden Global Bank and two of its subsidiaries, announcing sanctions as part of the Trump administration's ongoing 'Operation Economic Outcast' to isolate Iran. Washington accuses the small Turkish investment bank of actively facilitating millions of dollars in transactions for Iran's Revolutionary Guard and its Quds Force, thereby providing crucial financial access for the Iranian regime to move funds internationally.
Treasury Secretary Scott Bessent commented on the intensified pressure, stating, "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 issued a stark warning, adding, "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 has yet to respond to CNBC's request for comment.
This move marks the second financial institution to be targeted under 'Operation Economic Outcast,' a campaign President Donald Trump has likened to an "economic D-Day." Despite the strong rhetoric, the Treasury Department has proceeded cautiously with implementing the broader plan since its launch on August 24.
A notable aspect of the campaign has been the lack of tangible action against China, which remains Iran's largest trading partner and its primary oil buyer. Bessent insists that Beijing is "not exempt" from potential sanctions but has also downplayed the notion that the plan's success is contingent on China's participation. Geopolitical observers remain skeptical, questioning whether the U.S. will risk further straining its fragile relationship with China, especially ahead of a scheduled summit between President Trump and Chinese President Xi Jinping later this month.
Golden Global Yatirim Bankasi Anonim Sirketi, which ranks as Turkey's 35th-largest bank with 2025 assets equivalent to approximately $517 million, according to TheBanks.eu, is alleged to have been established specifically to enable the transfer of Iranian oil revenues from China to Turkey. These funds would then reportedly be converted into cash and gold by a network of Iranian money exchangers. The sanctions also extend to its subsidiaries, Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi, for knowingly offering correspondent banking services to Iranian financial institutions.
This recent action follows the Treasury's move a week prior to sanction the United Arab Emirates branch of an Egyptian bank over its financial ties to Iran. The European Union has also expressed its support for 'Operation Economic Outcast,' formally joining the campaign this week, signaling broader international backing for the U.S.'s efforts to dismantle Iran's financial networks.
