US Imposes Sanctions on Turkish Bank Linked to Iran

The U.S. Treasury Department imposed sanctions on Golden Global Bank in Turkey on September 4, 2026, as part of efforts to restrict Iran's financial activities. The bank is accused of facilitating transactions for the Islamic Revolutionary Guard Corps (IRGC) by moving funds from China for Iranian oil. Treasury Secretary Scott Bessent stated that this action is part of 'Operation Economic Outcast,' which aims to pressure the Iranian regime into compliance or collapse. Bessent emphasized the seriousness of the sanctions, stating, 'Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast.' Golden Global Bank, established in 2019, is Turkey's 35th largest bank with assets totaling approximately $517 million. The Treasury's actions are intended to sever the Iranian regime's financial connections in Turkey. It remains unclear if the Turkish government will respond by seizing the bank's assets. This marks a significant step as it is believed to be the first time the U.S. has sanctioned a bank in Turkey, although there have been previous legal actions against other Turkish banks for similar reasons.