The U.S. Treasury Department has sanctioned a Turkish investment bank and two subsidiaries over alleged financial links to Iran.
Treasury’s Office of Foreign Assets Control, or OFAC, designated Golden Global Yatirim Bankasi Anonim Sirketi, also known as Golden Global Bank. The action also covers Istanbul-based Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi.
Treasury said the designations are part of a wider campaign to restrict financial channels that support Iran’s government and military-linked networks.
Treasury accuses bank of moving Iranian funds
Treasury accused Golden Global Bank of facilitating tens of millions of dollars in transactions for the Islamic Revolutionary Guard Corps-Qods Force.
The department also said the bank provided correspondent banking access to Iranian financial institutions. That access allowed them to move funds through international channels, according to Treasury.
Treasury further alleged that Golden Global Bank helped Iran’s leadership network transfer oil revenue from China to Turkey. The department said the funds could then be converted into cash and gold.
Those allegations form the basis for the U.S. designation of the bank.
Two subsidiaries face the same restrictions
The sanctions also cover two companies controlled by Golden Global Bank.
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Treasury identified Golden Global Varlik Kiralama and Golden Global Portfoy Yonetimi as subsidiaries of the sanctioned bank. It designated both companies because of their ownership or control by the parent institution.
The action therefore applies to three entities rather than the bank alone.
U.S. financial restrictions take effect
OFAC rules block property and interests in property belonging to the designated entities when that property is in the United States or under the control of U.S. persons.
U.S. persons generally cannot conduct transactions involving that blocked property unless OFAC authorizes them or another exemption applies.
Foreign financial institutions can also face risks if they knowingly conduct significant transactions involving designated entities.
The restrictions can therefore affect financial institutions outside the United States.
Treasury expands pressure on Iran’s financial networks
The designations form part of Treasury’s Operation Economic Outcast campaign. The department said the campaign targets financial networks, facilitators and channels that Iran uses to evade sanctions and move oil-sale proceeds.
Treasury has warned financial institutions that assist Iran with sanctions evasion or money laundering could lose access to the U.S. financial system.
The Golden Global action extends that pressure to a Turkish financial institution that Treasury says helped Iranian entities use international banking channels.
Oil revenue remains a focus
Treasury’s allegations against Golden Global Bank center in part on Iranian oil revenue.
According to the department, the bank helped move oil proceeds from China to Turkey. The funds could then be converted into cash and gold.
Treasury has targeted financial intermediaries as part of its broader effort to restrict Iran’s ability to move and recover revenue from oil sales.
Designations use executive authority
Treasury said it designated Golden Global Bank under Executive Order 13902.
The order allows the United States to impose sanctions on certain sectors of Iran’s economy, including the financial sector.
Treasury said Golden Global Bank operated in Iran’s financial sector and engaged in significant transactions involving financial-sector goods or services connected with Iran.
The department designated the two subsidiaries separately because Golden Global Bank owns or controls them.
Turkey becomes part of the sanctions action
The designations bring a Turkey-based financial institution into Washington’s broader campaign against Iranian sanctions-evasion networks.
Turkey’s position as a regional financial and commercial center can make its institutions relevant to cross-border transactions involving Iranian entities. In this case, however, Treasury’s action is based specifically on its allegations about Golden Global Bank.
The U.S. government is using its sanctions system to target foreign institutions that it says help Iran access international finance.
Action carries a wider warning
The case also shows how U.S. sanctions can affect financial institutions outside the country directly targeted by the policy.
Treasury says Iran uses intermediary institutions and alternative financial channels to move money between jurisdictions and maintain international transactions.
Washington is seeking to disrupt those channels by increasing the financial risks for institutions that work with Iran’s sanctioned networks.
The immediate restrictions apply to Golden Global Bank and its two subsidiaries. Treasury’s broader warning extends to other institutions that may consider providing similar services to Iranian entities.
Reporting Credit: This report is based on information from the U.S. Department of the Treasury and its Office of Foreign Assets Control (OFAC).
