U.S. sanctions Turkish bank, accusing it of helping Iran transfer oil revenue from China to Turkey by converting it to cash and gold | Fortune
The actions against Golden Global Yatirim Bankasi Anonim Sirketi come after Treasury Secretary Scott Bessent last week launched “Operation Economic Outcast."
U.s. Sanctions Turkish Bank for Alleged Iran Ties
The Treasury Department announced sanctions on Golden Global Yatirim Bankası Anonim Şirketi, accusing the Istanbul‑based institution of facilitating Iran’s movement of oil revenue from China into Turkey where it could be turned into cash and gold. Regulators said the bank knowingly provided services to Iranian financial entities, including firms that were already on the U.S. sanctions list after 2022.
Operation Economic Outcast
The measure follows Treasury Secretary Scott Bessent’s launch of “Operation Economic Outcast” last week, a campaign intended to cut off the remaining trade routes that keep Iran’s economy afloat after more than six months of conflict. In a recent interview with the Associated Press, Bessent warned that any financial institution linked to Tehran would face punitive action, stating that such banks would “continue to find out the hard way that we are serious about Operation Economic Outcast.”
Bessent’s Warning to the World
In a Friday press release, Bessent added, “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 also quoted, “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.”
Mixed Results for the Sanctions Push
Despite the aggressive rhetoric, the broader effort to force nations still dealing with Iran to sever financial links has encountered obstacles. Earlier promises of an “economic D‑Day” involving countries such as China and India have morphed into a series of diplomatic warnings and negotiations with Tehran’s trading partners. The Trump administration demonstrated hesitancy to penalize major economies when it recently moved to restrict an Egyptian bank’s activities in the United Arab Emirates but stopped short of imposing full sanctions.
Military Actions and Political Pressure
In parallel with the financial crackdown, the United States has resumed air strikes in the region, prompting Iranian retaliation. The combined diplomatic‑military strategy places President Donald Trump in a delicate position as he seeks to end a costly war while energy prices climb and Republicans brace for the upcoming midterm elections.
About Golden Global Yatirim
Founded in 2019, Golden Global Investment Bank markets itself as Turkey’s first investment bank offering “banking services and alternative financing methods” to foreign corporations. The firm’s website says its mission is to boost Turkey’s foreign trade by targeting neighboring markets, though it remains relatively unknown among the Turkish public.
Recent Turkish Banking Developments
The Treasury’s announcement arrived a day after state‑run Halkbank announced a settlement with the U.S. Justice Department in a nine‑year investigation into sanctions violations tied to Iran. Prosecutors allege that senior Halkbank officials moved roughly $20 billion of Iranian oil revenue and that high‑ranking Turkish officials received millions in bribes to shield the scheme. The case sparked tension between Washington and Ankara, with President Recep Tayyip Erdogan personally urging the White House to drop the charges.
Source: fortune.com · 2026-09-05