US Imposes New Sanctions on Turkish Bank with Ties to Iran
WASHINGTON: On Friday, the US Treasury Department announced new sanctions targeting a small Turkish investment bank and its two subsidiaries as part of ongoing efforts to apply economic pressure on Iran.
The entities affected by these sanctions are Golden Global Yatirim Bankasi, based in Istanbul, along with its asset management firm, Golden Global Portfoy Yonetimi, and the asset leasing company, Golden Global Varlik Kiralama. These organizations have been placed on the Treasury’s Office of Foreign Assets Control (OFAC) Specially Designated Nationals list, which essentially cuts them off from the US dollar financial system.
Treasury officials have also issued a general license allowing transactions to conclude with the sanctioned firms. Treasury Secretary Scott Bessent commented in an interview that this action effectively signals that these entities can no longer operate, stating, “This is code for you are out of business.”
Bessent went on to warn that further sanctions targeting additional banks could be revealed as soon as next week, indicating that the US is closely monitoring financial actors associated with such activities. He emphasized, “We know who you are, you know who you are; it’s over.”
According to financial data, Golden Global Yatirim Bankasi is the 35th largest bank in Turkey, with assets totaling around 25 billion Turkish lira (approximately $516 million) as of 2025. The bank did not immediately respond to requests for comment regarding the sanctions.
The Treasury’s statement alleges that Golden Global was created to facilitate the transfer of Iranian oil revenues from China to Turkey. This structure allowed such funds to be converted into cash and gold through local money exchangers. Furthermore, it claimed that the bank had provided banking services to Iranian financial institutions, aiding transactions managed by the Islamic Revolutionary Guard Corps Qods Force.
This move follows a broader strategy from the Trump administration, which aims to exert economic pressure on Tehran amid the ongoing conflict between the US and Israel against Iran. As this conflict escalates, global energy prices have been affected.
Bessent previously highlighted the administration’s commitment to a comprehensive campaign against Iran, stating that the objective remains to bring Tehran back to negotiations.
Recently, the US also implemented restrictions on the Egyptian bank Banque Misr’s branches in the UAE over their dealings with Iran, though these were not full sanctions and did not impact operations at the bank’s main office.
Looking ahead, Bessent indicated that the Treasury expects to announce new sanctions each week, primarily focusing on banks, as part of this sustained effort to increase economic pressure on Iran.
However, some experts, like Brett Erickson from Obsidian Risk Advisors, have questioned the effectiveness of these measures. He noted that while sanctions on Golden Global may increase pressure on Iran, they might not significantly change the dynamics of the ongoing war. Erickson warned that continued pressure without strategic change could provoke retaliation from Iran, potentially causing greater disruptions to the global economy.
