US Sanctions Turkish Bank Over Iran Ties: First Statement Since Sanctions

Rastinews — The US Treasury Department sanctioned Turkey-based Golden Global Investment Bank and two of its subsidiaries for allegedly facilitating Iran-linked financial transactions. Washington claimed the entities facilitated financial transactions between China and Iran's Islamic Revolutionary Guard Corps-Quds Force.

The Washington administration expanded its sanctions list as part of economic pressure on Iran. The US Treasury Department sanctioned Istanbul-based Golden Global Investment Bank and two of its subsidiaries for allegedly playing a role in Iran-linked financial transactions.

With the decision, Golden Global Investment Bank Inc., Golden Global Portfolio Management Inc., and Golden Global Asset Leasing Inc. were added to the US Treasury Department's Specially Designated Nationals (SDN) list.

What is the US alleging?

The US administration claimed the entities played a role in facilitating illicit financial transactions between China and Iran's Islamic Revolutionary Guard Corps-Quds Force. According to the Treasury Department, the transactions included converting Iranian oil revenue into cash and gold.

Excluded from the US financial system

The sanctioned entities will face severe restrictions on transactions connected to the US financial system. The Washington administration continues to increase economic pressure on Iran by targeting its financial connections.

First time a NATO country institution has been targeted

The decision is notable as the first time the US has targeted an institution in a NATO country under its current Iran sanctions campaign. US Treasury Secretary Scott Bessent signaled that measures targeting Iran's financial connections would continue.

Golden Global denies the allegations

Golden Global did not accept the allegations made by the US. The bank stated it would pursue legal action against the sanctions decision.

/economy/