US Treasury Sanctions Turkish Bank Over Iran Links, Legal Response Looms
By Editor • September 5, 2026 • 1 min read
The US Treasury Department has enacted sanctions against Golden Global Yatirim Bankasi Anonim Sirketi, a Turkish financial institution, citing its alleged connections to Iran's Islamic Revolutionary Guard Corps-Qods Force. This move is part of a broader strategy by Washington to economically isolate Tehran.
On Friday, the Treasury accused Golden Global Bank of facilitating significant financial transactions for the Iranian military and enabling the Iranian government to manage its international banking activities. The US claims that the bank was established to help Iran's shadow banking system transfer oil revenues from China to Turkey through gold and cash transactions.
In response, Golden Global Bank declared its adherence to all relevant banking regulations and announced plans to pursue legal action against the sanctions. The bank firmly denied any wrongdoing, stating that the allegations are unfounded and that they will vigorously defend their position in court. US Treasury Secretary Scott Bessent emphasized the seriousness of their economic measures, stating that financial institutions need to heed the implications of their actions regarding Iran.
The sanctions have placed Golden Global Bank and its subsidiaries on the US Office of Foreign Assets Control's Specially Designated Nationals list, effectively barring them from the US financial system. US Ambassador to Turkiye, Tom Barrack, remarked that the sanctions should not be interpreted as a reflection on the Turkish financial system as a whole, but rather on the actions of a single institution.
Source: www.aljazeera.com
