The United States Treasury Department has imposed sanctions on Golden Global Yatirim Bankasi Anonim Sirketi (Golden Global Bank) and its subsidiaries due to alleged connections with Iran, aiming to economically isolate Tehran. On September 5, 2026, the Treasury accused the bank of facilitating tens of millions of dollars in transactions for the Islamic Revolutionary Guard Corps-Qods Force and providing the Iranian government with banking access for international fund transfers.
The Treasury alleged that Golden Global Bank was established to enable Iran's shadow banking system to transfer oil revenues from China to Turkey using gold and cash. In response, Golden Global Bank stated that it complies with all local and international banking regulations and plans to take legal action against the sanctions. The bank asserted that there are no transactions supporting the US claims.
“We will exercise all our rights of objection and legal recourse in the most effective manner and will take the necessary actions at the earliest against these allegations and the decision,” the bank said in a news release.
Treasury Secretary Scott Bessent remarked, “Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast.” The sanctions have placed the bank and its subsidiaries on the US Office of Foreign Assets Control (OFAC)’s Specially Designated Nationals list, restricting their access to the US financial system.
The bank indicated that individuals and entities named in the OFAC decision have never been customers of Golden Global. US Ambassador to Turkiye Tom Barrack commented that it would be a mistake for Turkish officials to interpret the US measure as a judgment on Turkiye itself, emphasizing that the integrity of the Turkish financial system is not in question.
Last week, the US also moved to sever the UAE operations of Egypt’s second-largest bank, accusing it of processing transactions for companies linked to Iran’s shadow banking system. Bessent indicated that further bank sanctions would likely be announced in the coming weeks as part of the US's economic strategy against Tehran.