US Sanctions Turkish Bank Accused of Providing Financial Lifeline to Iran

Treasury Secretary Scott Bessent in Washington on Aug. 24, 2026. Chip Somodevilla/Getty Images

WASHINGTON—The U.S. Treasury Department unveiled new economic sanctions against the Turkish bank Golden Global Yatirim Bankasi Anonim Sirketi on Sept. 4, alleging the institution has provided a financial lifeline to Iran.

The Treasury Department said Golden Global Bank was established in Turkey as part of a shadow banking network to circumvent previous sanctions against Iran.

Golden Global Bank is accused of facilitating Iranian oil sales to China by handling the proceeds and converting them to cash and gold.

Friday’s sanction announcement comes as Washington has sought to ramp up financial pressure on Tehran through an effort known as Operation Economic Outcast.

“Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast,” Treasury Secretary Scott Bessent said in a press statement announcing the new sanctions action.

“While we hope no more banks will need to be sanctioned, that ultimately depends on how quickly the international community comes to its senses and ceases support of the murderous Iranian regime.

“We know who you are, we know where you are, and we will continue to take action together with our allies and partners until we have buried the head of the Iranian snake.”

The sanctions target Golden Global Banks’ two Turkey-based subsidiaries, Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi.

Operation Economic Outcast began on Aug. 24 with sanctions targeting dozens of individuals, entities, and vessel operators accused of helping Iran collect oil revenues, procure military and nuclear technology, and mount cyber attacks.

Last week, the Treasury Department proposed cutting off U.S. financial services for the UAE branch of the Egypt-based Banque Misr.

Since then, Bessent has forecast additional weekly sanctions actions to further Iran’s economic isolation.

The U.S. government has urged the global community to help cut off Iran.

In an X post Sept. 3, Bessent said the European Union had officially agreed to join Operation Economic Outcast.

Bessent linked to an Aug. 30 statement from the EU’s executive arm, the European Commission, expressing support for economic measures to dissuade Tehran from pursuing nuclear weapons and engaging in efforts to cause unrest in the Middle East.

“The EU welcomes efforts at ensuring that Iran ceases its destabilising activities and engages in peace negotiations with good faith, also through additional economic pressure, including through the U.S.-led Operation Economic Outcast,” the European Commission’s Aug. 30 statement reads.

“The EU will continue to work closely with the United States and other G7 and international partners to maintain pressure on Iran and contribute to de-escalation and regional stability.”