US Targets Turkish Bank and Two Iran-Linked Subsidiaries with Sanctions - Sarmad
The United States has imposed sanctions on a Turkish bank and two of its subsidiaries, accusing them of providing financial channels to the Iranian regime and enabling it to access the international banking system, in th
Translated by Qiyas from سرمد — Original source
The United States has imposed sanctions on a Turkish bank and two of its subsidiaries, accusing them of providing financial channels to the Iranian regime and enabling it to access the international banking system, in the latest escalation of Washington’s campaign to dry up Tehran’s funding sources.
The U.S. Treasury Department said the Office of Foreign Assets Control (OFAC) added Golden Global Yatirim Bankasi, headquartered in Turkey, along with two of its subsidiaries, Golden Global Asset Leasing and Golden Global Portfolio Management, to the sanctions lists.
The Treasury accused the bank of facilitating transactions worth tens of millions of dollars for the Quds Force of the Iranian Revolutionary Guard Corps, in addition to providing correspondent banking services that allow the Iranian regime to transfer its funds internationally.
U.S. Treasury Secretary Scott Bessent stated that financial institutions would face U.S. measures if they continued to support what he described as the “Iranian regime,” adding that Washington would continue to act in coordination with its allies and partners.
The sanctions are based on Executive Order 13902, which targets specific sectors of the Iranian economy, including the financial sector.
According to the U.S. Treasury, Golden Global Bank was established to enable a network linked to the Iranian Supreme Leader to transfer oil revenues from China to Turkey, where they could be converted into cash and gold through exchange networks connected to Iran.
It added that the bank provided correspondent banking services to Iranian financial institutions, enabling transactions through accounts controlled by the Quds Force and its proxies, including the network of Turkish businessman Cetin Ayan and his companies, which Washington had previously sanctioned in 2022 for their role in transferring hundreds of millions of dollars linked to oil sales for the Quds Force.
The sanctions also include the two subsidiaries, after the U.S. Treasury deemed them owned or controlled by the bank.
The sanctions come as part of “Operation Economic Outcast,” announced by the Treasury Department on August 24, aimed at dismantling the financial channels Iran uses to generate revenue, evade sanctions, and move funds through the international financial system.
