The US imposed sanctions on a bank based in Turkey on Iran's financial network

The United States has imposed sanctions on Turkey-based Golden Global Yatarim Bankasi Anonim Shirkati (Golden Global Bank) and two of its subsidiaries, continuing its efforts to deny Iran access to the international financial system and limit resources used to destabilize the region.
The US alleges that the financial institution helped transfer oil revenues to Iran and facilitated transactions linked to the Islamic Revolutionary Guard Corps-Quds Force (IRGC-QF).
According to US officials, the move is part of "Operation Economic Outcast," which aims to dismantle the financial networks that enable the Iranian government to illegally transfer funds, evade sanctions and finance its allies in the Middle East.
"This is a concerted effort by the administration to dismantle the networks that allow the Iranian regime to hide funds, evade sanctions and finance its terrorist proxies in the Middle East," said US State Department spokesman Tommy Pigot.
He said that this move sends a clear message to financial institutions around the world that facilitating Iran's illegal financial activities will have serious consequences.
According to Pigott, the move is an expression of the Trump administration's determination to cut off the Iranian regime's resources that threaten regional stability, support terrorism and increase its military capabilities.
He said that the US will continue to use all available diplomatic and economic means to isolate Iran until Tehran abandons its support for terrorism and destabilizing activities in the region.
According to the US Treasury Department, Golden Global Bank provided correspondent banking facilities to Iranian financial institutions, through which funds could be transferred internationally.
The Treasury Department alleged that the bank was also used to facilitate the transfer of Iran's oil revenues from China to Turkey, where the funds could allegedly be converted into cash and gold through money exchangers.
This financial corridor between China and Turkey is central to the US accusations. Washington says Iran has increased its reliance on secretive financial networks involving various countries to generate income, transfer funds abroad and evade current sanctions. US Treasury Secretary Scott Besant said, "Financial institutions are having a hard time understanding our seriousness regarding Operation Economic Outcast." The support is not limited. The US Treasury Department specifically mentioned China and Turkey in its announcement regarding the alleged transfer of Iranian oil revenues. Iran is already under extensive U.S. sanctions, making access to the international banking system critical for it to receive and transfer funds.
The United States alleges that Golden Global Bank deliberately targeted Iranian financial institutions and the IRGC. provided banking services to accounts linked to the QF and related groups. The Treasury Department also cited the bank's alleged ties to Turkish businessman Satki Ayan and his companies, which Washington previously identified as the IRGC. QF was targeted by sanctions over allegations of oil transactions. The US action has resulted in the freezing of assets of Turkbank and its designated subsidiaries under US jurisdiction. US persons and entities will generally be prohibited from conducting transactions with these sanctioned entities. In addition, foreign financial institutions may also face additional US sanctions in the event of certain significant transactions with Iran-related sanctioned entities.
The latest measures come after the launch of Operation Economic Outcast on August 24, which the U.S. Treasury Department described as an effort to disrupt financial channels supporting the Iranian government. The campaign is targeting networks linked to Iran's oil sales, sanctions evasion, money laundering and financing of its allies in the region. Provide access to the banking system. The ultimate goal of sanctions, the Treasury Department said, is not to punish but to bring about a positive change in behavior.
The U.S. has also urged other governments and financial institutions to join the campaign and warned that entities facilitating Iranian sanctions evasion could themselves face U.S. action. The latest crackdown on a Turkey-based bank linked to alleged financial flows originating in China to Washington is another step in Iran's efforts to limit its access to the international financial system.