Golden Global and two subsidiaries cut off from US financial system over alleged Iran-related transactions
The US Treasury Department on Friday imposed sanctions on Turkish investment bank Golden Global Yatirim Bankasi and two of its subsidiaries, accusing them of facilitating trade between China and Iran’s Islamic Revolutionary Guard Corps Qods Force.
The Treasury said it designated Istanbul-based Golden Global Yatirim Bankasi Anonim Sirketi, Golden Global Portfoy Yonetimi Anonim Sirketi and Golden Global Varlik Kiralama Anonim Sirketi under its sanctions programme targeting Iran-related financial networks.
The three entities were added to the Treasury’s Specially Designated Nationals list, cutting them off from the US dollar-based financial system.
The Treasury also issued a general licence allowing certain transactions with the sanctioned entities to be wound down.
Treasury accuses bank of facilitating Iran oil revenues
The department alleged that Golden Global was established to help Iran’s shadow banking network transfer oil revenues from China to Turkey.
According to the Treasury, the funds could then be converted into cash and gold through money exchangers.
The department also accused Golden Global of offering correspondent banking services to Iranian financial institutions, allowing transactions involving accounts controlled by the IRGC Qods Force and affiliated networks.
Treasury Secretary Scott Bessent said the action was intended to warn financial institutions against facilitating trade involving Iran and the IRGC.
Bessent also said Washington could impose sanctions on another bank next week.
Turkish bank rejects US allegations
Golden Global Yatırım Bankası rejected the allegations, saying it had complied with Turkish and international banking and compliance requirements.
The bank said the allegations were unfounded and that it would pursue its legal rights.
It also said the individuals and entities named in the US sanctions decision were not its customers and that it had no direct or indirect dealings with them.
Golden Global was Turkey’s 35th-largest bank, with total assets of about 25 billion Turkish lira, or approximately $516.6 million, in 2025, according to TheBanks.EU database.
First bank in NATO ally targeted
The sanctions mark the first time during the current US campaign that Washington has targeted a bank based in a NATO member country, according to sanctions experts cited by Reuters.
The move comes as the Trump administration increases economic pressure on Iran following US military strikes and a naval blockade of the Strait of Hormuz.
Bessent said Washington was seeking to restrict Iran’s oil revenues and financial channels and push Tehran towards negotiations.
Last week, the US also moved to impose restrictions under the Patriot Act on branches of Egypt’s Banque Misr in the United Arab Emirates over dealings involving Iran. Those restrictions would not apply to the bank’s headquarters or branches elsewhere and were due to take effect after a 30-day period.
Experts question impact of sanctions
Sanctions experts said the measures could increase pressure on Iran but questioned whether they would significantly affect the broader conflict.
Brett Erickson of Obsidian Risk Advisors said the sanctions would have a limited economic impact on Iran but could potentially trigger retaliation.
The latest action comes as Washington continues efforts to target Iran’s financial networks and oil revenues through sanctions and restrictions on institutions accused of supporting Tehran’s economic activities.