US targets Türkiye-based bank in latest sanctions on Iran financial network

Washington DC [US], September 5 (ANI): The United States, in its latest efforts of economic sanctions under Operation Economic Outcast, on Friday (local time) imposed fresh sanctions on a Türkiye-based financial institution and two of its subsidiaries, accusing them of facilitating transactions linked to Iran's Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and providing the Iranian regime with access to international correspondent banking services.
The US Department of the Treasury said the action, taken under its "Operation Economic Outcast", targets Golden Global Yatirim Bankasi Anonim Sirketi, also known as Golden Global Bank, along with its Türkiye-based subsidiaries Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi.
"Today, as part of Operation Economic Outcast, Treasury severed the Iranian regime's critical financial lifelines in Türkiye," the Treasury Department said in a post on X.
According to the department, Golden Global Bank facilitated tens of millions of dollars' worth of transactions for the IRGC-QF and provided the Iranian regime with key correspondent banking access, allowing it to move funds internationally.
US Treasury Secretary Scott Bessent said the latest action sends a warning to financial institutions continuing to facilitate business with Iran.
"Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast," Bessent said in a post on X.
"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.
Bessent further warned that the US would continue working with its allies and partners to target entities supporting Iran's financial networks.
"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," he said.
The Treasury Department said Golden Global Bank was established to enable Iran's "rahbar network" to transfer oil revenues from China to Türkiye, where the funds could subsequently be converted into cash and gold through money exchangers.
The department further alleged that the bank knowingly offered correspondent banking services to Iranian financial institutions, facilitating transactions through accounts controlled by the IRGC-QF and its proxies.
Treasury also pointed to Golden Global Bank's alleged links to the network of Turkish businessman Sitki Ayan and his companies, which were sanctioned by the Office of Foreign Assets Control (OFAC) in 2022 over their role in moving hundreds of millions of dollars connected to IRGC-QF oil sales.
The bank was designated under Executive Order 13902, which targets certain sectors of the Iranian economy, including its financial sector. Treasury said the designation was based, among other grounds, on the bank's alleged involvement in significant transactions involving the sale, supply or transfer of goods or services connected to Iran's financial sector.
The two subsidiaries targeted alongside Golden Global Bank were identified as Istanbul-based Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi. Treasury said both were designated because they are owned or controlled by, or acted on behalf of, Golden Global Bank.
The latest measures are part of a broader US effort to restrict Iran's access to the international financial system, as Washington seeks to increase economic pressure on the Islamic Republic amid the West Asia conflict.
The Treasury Department said that because Iran is already subject to comprehensive US sanctions, the regime relies on "multi-jurisdictional shadow banking networks" to generate revenue and transfer funds abroad.
According to the department, such networks can provide access to US dollar correspondent banking relationships and are used by Iran to launder funds, procure weapons and finance regional proxy groups.
"Operation Economic Outcast" was announced by Bessent on August 24, with the Treasury describing the initiative as an effort to sever what it calls the remaining economic lifelines sustaining the Iranian regime.
The department said it has been mapping networks and financial channels allegedly used by Iran to smuggle oil, evade sanctions and generate revenue, while working with partners including the European Union, the United Kingdom and Gulf countries.
Treasury also warned that entities facilitating money laundering or sanctions evasion on behalf of Iran could face restrictions on access to the US financial system.
As a result of the latest designations, all property and interests in property of the designated entities that are in the United States or in the possession or control of US persons are blocked and must be reported to OFAC.
The Treasury said US persons are generally prohibited from conducting transactions involving the property or interests in property of blocked persons unless authorised by OFAC or otherwise exempt. (ANI)