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US imposes sanctions on Turkish bank, prompting legal threat
Al Jazeera • • nation
Key Points:
- The US Treasury Department sanctioned Turkey's Golden Global Yatirim Bankasi Anonim Sirketi and its subsidiaries for allegedly facilitating tens of millions of dollars in transactions for Iran's Islamic Revolutionary Guard Corps-Qods Force and enabling Tehran's international fund transfers.
- The Treasury accused the bank of helping Iran's shadow banking network transfer oil revenues from China to Turkey using gold and cash, aiming to economically isolate Iran.
- Golden Global Bank denied the allegations, stating it complies with all local and international banking rules and plans to legally challenge the US sanctions, asserting no transactions support the US claims.
- The sanctions add the bank to the US Specially Designated Nationals list, blocking its access to the US financial system, while US officials clarified the move targets the bank's conduct, not Turkey's financial system as a whole.
- This action is part of a broader US campaign to pressure Iran financially, with further sanctions on banks linked to Iran expected in the coming weeks, including measures against entities in the UAE and Egypt.
