US sanctions Turkish bank over Iran links

On Sept. 4, 2026, the U.S. Treasury Department announced Iran-related sanctions on Istanbul-based Golden Global Yatirim Bankasi Anonim Sirketi. Two affiliates, Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anon Sirketi, were designated at the same time. The measures are intended to cut these entities off from parts of the U.S.-based financial system. The move marks a new step in efforts to pressure Iranian-linked financial networks.

Treasury officials stated that the sanctions target entities accused of facilitating funds for Iran and an arm of the Islamic Revolutionary Guard Corps. By placing the bank and its subsidiaries under sanctions, U.S. authorities aim to disrupt what they describe as important channels supporting Iran-related financial activity. The designations cover both the core investment bank and its associated financing and asset management units.

U.S. statements described Golden Global as having been established to enable transfers of Iranian oil revenues from China to Turkey. Once in Turkey, those proceeds could be converted into cash and gold. Officials said the bank had provided correspondent banking services to Iranian financial institutions. Those services extended, according to the U.S. description, to entities linked to the Islamic Revolutionary Guard Corps.

By focusing on Iranian oil revenue flows, the action seeks to constrain how Iran can access and move hard currency. The identified network involved routing funds through Turkey, using Golden Global’s platform and its subsidiaries. Cutting these entities off from segments of the U.S. financial system is intended to make those arrangements more difficult to sustain.

Treasury Secretary Scott Bessent said the designations form part of the administration’s Operation Economic Outcast campaign. This initiative targets financial institutions and networks viewed as supporting Iran’s access to the global financial system. Bessent indicated that additional sanctions on banks remain possible under this framework. At the same time, he stated that he hopes no further banks will need to be sanctioned.

The newly sanctioned Turkish entities represent the latest financial-institution targets within this broader operation. Their inclusion underscores the campaign’s focus on institutions that handle or route Iranian-linked funds, particularly those associated with Iranian oil exports and IRGC-connected actors.

Press data cited by U.S. reports placed Golden Global around 35th among Turkish banks by total assets in 2025. Its assets were reported at about 25,024.68 million Turkish lira, roughly $516–$517 million at that time. This positions the firm as a relatively small player within Turkey’s banking sector. Nonetheless, U.S. officials characterized it as playing a meaningful role in Iran-related financial activity.

Alongside the sanctions, the Treasury issued a general license to allow the orderly wind-down of transactions with Golden Global and its subsidiaries. This authorization is designed to give counterparties time to exit relationships and settle outstanding obligations. The wind-down period seeks to limit unintended disruption while the new restrictions take effect. Market participants dealing with the sanctioned entities are expected to use this window to adjust their positions and comply with the updated rules.