US Sanctions Turkish Bank Over Alleged Iran Ties

ANKARA: (News Desk) – The United States has imposed sanctions on a Turkish bank over alleged financial links to Iran’s Islamic Revolutionary Guard Corps (IRGC), marking another escalation in Washington’s campaign to restrict Tehran’s access to the international financial system.

The US Treasury Department said on Friday that Golden Global Bank and its subsidiaries had facilitated tens of millions of dollars in transactions for the IRGC. Washington also accused the institution of providing Tehran with important correspondent banking services that enabled Iranian funds to move through the global financial system.

Golden Global Bank rejected the allegations, saying it had not carried out banking transactions that could support the US government’s claims.

The Turkish institution said it operates according to interest-free banking principles and emphasized that it complies with applicable domestic and international banking regulations, industry practices and compliance standards.

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The latest sanctions are part of Washington’s broader effort to increase economic pressure on Iran. US Treasury Secretary Scott Bessent said financial institutions would face consequences for supporting Tehran under what he called Operation Economic Outcast.

Bessent said Washington hoped further bank sanctions would not be necessary, but argued that additional measures would depend on whether other countries continued providing support to the Iranian government.

The announcement follows another recent US move targeting the overseas operations of a major Egyptian bank, as Washington seeks to limit institutions that it believes provide Iran with access to international finance.

Bessent had indicated earlier this week that the United States was preparing additional sanctions against banks as part of its effort to tighten the economic squeeze on Tehran.

Speaking on the sidelines of a G20 finance ministers’ gathering in Asheville, North Carolina, Bessent also urged international partners to join Washington’s pressure campaign against Iran.

The US administration has described its strategy as an effort to isolate Iran economically amid the ongoing war. Bessent recently warned that Washington was declaring an “economic D-Day” against Tehran and cautioned countries that decline to cooperate could face serious consequences.

The sanctions further demonstrate Washington’s determination to target financial institutions accused of helping Iran move money internationally, particularly those alleged to have links to the IRGC.