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US sanctions Turkish investment bank over alleged Iranian financial ties

The Treasury Department targeted Golden Global Bank under Operation Economic Outcast, accusing it of processing oil revenue and funds for Iran.

Updated Sep 4, 2026 · 18:19 UTC4 reports

The short version

  • The U.S. Treasury Department sanctioned Turkey's Golden Global Bank and two subsidiaries for allegedly transferring Iranian oil revenue and facilitating funds for the IRGC's Quds Force.
  • The penalties are part of the Trump administration's Operation Economic Outcast campaign intended to sever Iran's international financial channels.
  • Treasury Secretary Scott Bessent warned of further enforcement depending on international compliance, while Washington has so far avoided direct financial penalties on major Iranian trade partners like China.

Key facts

  • The U.S. Treasury Department announced sanctions against Istanbul-based Golden Global Yatirim Bankasi Anonim Sirketi and two of its subsidiaries.[PBS NewsHour · CNBC]
  • The Treasury Department alleged the bank was established to help transfer Iranian oil revenue from China to Turkey to be converted into cash and gold, while providing correspondent banking services to sanctioned Iranian entities.[PBS NewsHour · CNBC]
  • The move marks the second financial institution targeted under Operation Economic Outcast, following earlier U.S. measures limiting the operations of an Egyptian bank in the United Arab Emirates.[ABC News · PBS NewsHour · Associated Press · CNBC]
  • Golden Global Bank, founded in 2019, is ranked as Turkey's 35th-largest bank with approximately $517 million in assets in 2025.[PBS NewsHour · CNBC]
  • The action occurred one day after Turkish state-run Halkbank reached a settlement with the U.S. Justice Department concluding a nine-year case concerning $20 billion in illicitly transferred Iranian oil funds.[PBS NewsHour]

What remains uncertain

  • It remains unclear whether the U.S. will impose direct sanctions on larger trade partners of Iran, such as China, ahead of scheduled diplomatic meetings between President Donald Trump and Chinese President Xi Jinping.[PBS NewsHour · CNBC]
  • Golden Global Bank did not immediately respond to media requests for comment regarding the Treasury allegations.[CNBC]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.