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U.S. sanctions Turkish bank accused of enabling Iran
CNBC • • nation
Key Points:
- The U.S. Treasury Department sanctioned Golden Global Bank, a small Turkish investment bank, and its two subsidiaries for facilitating funds for Iran's Revolutionary Guard under "Operation Economic Outcast."
- This marks the second financial institution targeted by the Trump administration's effort to isolate Iran by sanctioning its business partners, with previous action taken against a UAE branch of an Egyptian bank.
- Treasury Secretary Scott Bessent emphasized continued sanctions until international support for Iran ceases, calling the Revolutionary Guard the "head of the Iranian snake."
- Golden Global Bank is accused of enabling Iran's rahbar network to transfer oil revenues from China to Turkey, where funds are converted to cash and gold, providing Iran with critical correspondent banking access.
- Despite the campaign, the U.S. has yet to sanction China, Iran's largest trading partner, amid concerns over U.S.-China relations ahead of an upcoming meeting between President Trump and Chinese President Xi Jinping.
