US Treasury Department Imposes Iran Sanctions on Turkey-Based Bank
The Washington administration has added a Turkey-based bank and its subsidiaries to the sanctions list over allegations of mediating Iran's oil revenues.
The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury has included Turkey-based Golden Global Investment Bank and its subsidiaries in the sanctions list, alleging they mediated Iran's oil revenues and financial transactions.
Background of the Sanctions Decision
Within the scope of the US's economic pressure policies on Iran, Turkey-based Golden Global Yatırım Bankası A.Ş. and its subsidiaries, Golden Global Portföy Yönetimi A.Ş. and Golden Global Varlık Kiralama A.Ş., were placed under sanctions.
The decision targeting these entities, which have a capital of approximately 34 million dollars, was implemented immediately after US Treasury Secretary Scott Bessent announced that new banks would face sanctions.
Transactions with Iran and Allegations
The US Treasury Department alleged that the bank in question facilitated tens of millions of dollars in transactions for the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and mediated the transfer of Iran's oil revenues from China to Turkey.
The statement argued that these revenues were converted into cash and gold, and that the bank provided correspondent banking services to Iranian financial institutions, enabling transactions through accounts linked to the Qods Force.
Bank Strongly Rejects Allegations
Following the sanctions decision, Golden Global Investment Bank issued a statement rejecting all accusations and emphasizing that it operates in full compliance with local and international banking regulations.
The bank stated that the individuals and entities named in the OFAC decision are not its customers, that no transactions have been carried out with these parties, and that it will exercise its legal rights.
Scope of Sanctions and Transition Period
In line with the decision, the US assets of the three entities have been blocked, US parties are generally prohibited from doing business with these institutions, and foreign institutions conducting certain transactions face the risk of secondary sanctions.
Meanwhile, OFAC issued a limited transition permit under "General License CC" until September 19, 2026, for the wind-down of existing transactions.