05.09.2026 18:10
US Ambassador to Ankara Tom Barrack made statements following the US Treasury Department's addition of Turkey-based Golden Global Investment Bank and two of its affiliates to the sanctions list over alleged ties to Iran's Islamic Revolutionary Guard Corps. Emphasizing that the decision does not target the Turkish banking system, Barrack noted that the process is a narrowly scoped step directed at the activities of a single entity, saying, 'In Ankara, it would be a serious mistake to read this measure as a judgment about Turkey.'
The U.S. Treasury Department has added Turkey-based Golden Global Investment Bank and two of its subsidiaries to its sanctions list over their alleged links to Iran's Islamic Revolutionary Guard Corps (IRGC). Meanwhile, the U.S. Ambassador to Ankara, Tom Barrack, emphasized that the decision was aimed at the activities of a single institution, not the Turkish banking system.
U.S. SANCTIONS ON TURKISH BANK The Washington administration, while continuing its policy of economic pressure on Iran, has most recently targeted Turkey-based Golden Global Investment Bank and its two subsidiaries.
The U.S. Treasury Department announced that it has added Istanbul-based Golden Global Investment Bank Inc., Golden Global Portfolio Management Inc., and Golden Global Asset Leasing Inc. to its sanctions list.
The Department alleged that these entities facilitated transactions worth tens of millions of dollars on behalf of Iran's Islamic Revolutionary Guard Corps (IRGC).
The statement also claimed that the entities provided Tehran with "critical correspondent banking access," enabling it to transfer its funds internationally.
BANK DENIES ALLEGATIONS Golden Global Bank, however, denied the U.S. allegations. In a statement from the bank, it was stated that "no banking transactions" were conducted that could substantiate the U.S. government's claims.
The bank reported that it conducts its activities in full compliance with all local and international banking regulations, practices, and compliance requirements.
The institution describes itself as "Turkey's first investment bank that conducts all its activities in accordance with interest-free finance principles."
According to information Reuters obtained from the TheBanks.EU database, Golden Global Investment Bank had total assets of approximately 25 billion liras in 2025.
BARRACK: TURKISH BANKING SYSTEM NOT TARGETED Following the sanctions decision, the U.S. Ambassador to Ankara and Special Representative for Syria and Iraq, Tom Barrack, made a statement on his X account.
In his statement following the sanctions decision, Barrack emphasized that U.S.-Turkey relations should not be assessed based on a single institution or a single incident.
Barrack stated, "We want to put this measure in its proper context, because context is everything, and the relationship between the United States and the Republic of Turkey is much greater than any single institution or any single day."
Stating that the U.S. Treasury Department and Turkish counterparts have been in direct and continuous contact throughout the process, Barrack argued that the sanctions decision does not constitute an assessment about Turkey.
U.S. Ambassador to Ankara Tom Barrack "BEHAVIOR OF AN INSTITUTION, NOT THE TURKISH FINANCIAL SYSTEM, IS BEING QUESTIONED" Barrack, drawing attention to the fact that the sanction is not directed at Turkey's financial system, said, "Here or in Ankara, it would be a serious mistake to read this narrow measure as a judgment on Turkey."
Stating that Turkey's interest lies in maintaining a clean and reliable banking system, Barrack said, "The behavior of an institution is being questioned, not the Turkish financial system."
The Ambassador also said that the U.S. policy of maximum pressure on Iran is based on closing the channels through which Tehran launders revenues from its activities.
"TURKISH AUTHORITIES HAVE ACTED" Barrack stated that following the sanctions decision, Turkish authorities have taken action to clarify uncertainties on the matter and initiate a process that will strengthen transparency in the future.
Expressing his positive reception of Turkey's approach, Barrack said, "We respectfully welcome Turkey acting as a sovereign partner."
Barrack noted that this attitude of the Turkish authorities was not a reflex of a state with something to hide, and drew attention to the importance of cooperation on transparency.
"U.S. AND TURKEY ARE ON THE SAME SIDE" Reminding that U.S.-Turkey relations have gone through difficult periods in the past, Barrack said that problems between the two countries do not mean the alliance has ended.
"Friction among serious partners is not the exception but a recurring feature of the relationship," Barrack said, adding that what matters is addressing problems with honesty and resolving them.
Barrack stated that the U.S. and Turkey are "on the same side" regarding regional stability as well as the security of transportation and trade routes to which the peoples of both countries are committed.
"WE WILL FURTHER STRENGTHEN THE PARTNERSHIP" Barrack expressed his view that the sanctions decision, over time, will not burden U.S.-Turkey relations but rather demonstrate the strength of the partnership between the two countries.
Stating that the Turkish authorities conducting an appropriate investigation and transparency process following the U.S. decision will further strengthen the alliance between the two countries, Barrack conveyed the message, "We will continue this work together with the same spirit of honesty and shared purpose that brought this relationship to this point."
On the other hand, Golden Global Investment Bank, which was sanctioned, denied the U.S. allegations, stating that it has not conducted any banking transactions with the relevant individuals or entities and that the claims do not reflect the truth. The bank announced that it will resort to legal means against the sanctions decision.
U.S. ECONOMIC PRESSURE TOWARD IRAN The U.S. sanction on the Turkish bank is considered part of Washington's broader policy to restrict Iran's access to the international financial system.
U.S. Treasury Secretary Scott Bessent, in a previous statement, said that financial institutions would continue to see through sanctions how seriously they take the "Economic Exclusion Operation" against Iran.
While stating, "We hope there will be no need to sanction more banks," Bessent said this depends on how quickly the international community ends its support for Iran.
The U.S. administration, while targeting individuals, companies, and financial institutions alleged to launder Iran's revenues and provide its access to the international financial system, also conveys the message that it could expand the scope of its sanctions decisions.