04.09.2026 20:20
The U.S. Department of the Treasury has taken a new step in its sanctions policy toward Iran by placing Turkey-based Golden Global Investment Bank and its affiliates under sanctions. The Department alleged that the bank facilitated tens of millions of dollars in transactions for Iran's Islamic Revolutionary Guard Corps-Quds Force and provided critical banking access for international money transfers to the Iranian regime.
The U.S. Department of the Treasury announced new sanctions targeting the Iranian regime's financial links in Turkey. The Treasury's Office of Foreign Assets Control (OFAC) designated Turkey-based Golden Global Investment Bank Inc. and its subsidiaries, alleging they facilitated tens of millions of dollars in transactions for the Islamic Revolutionary Guard Corps-Quds Force (IRGC-QF) and provided critical correspondent banking access for international fund transfers to the Iranian regime.
GOLDEN GLOBAL BANK ADDED TO SANCTIONS LIST
In a statement dated September 4, 2026, the U.S. Department of the Treasury announced that the Iranian regime's financial links in Turkey were severed under "Operation Economic Exclusion." The Department claimed that Golden Global Bank facilitated tens of millions of dollars in transactions for the IRGC-QF and provided correspondent banking services that enabled the Iranian regime to move its funds internationally.
The Treasury Department stated that the sanctions were imposed under Executive Order 13902, which targets specific sectors of the Iranian economy, particularly the financial sector.
"WE ARE SEVERING THE IRANIAN REGIME'S FINANCIAL LIFEBLOOD"
U.S. Treasury Secretary Scott Bessent said in a statement regarding the sanctions that financial institutions must take Washington's policy toward Iran seriously.
Bessent expressed hope that they would not have to sanction more banks, but noted that this depends on how quickly the international community cuts off support for the Iranian regime. The U.S. Treasury Secretary stated that steps against Iran's financial networks would continue together with allies and partners.
ALLEGATIONS AGAINST GOLDEN GLOBAL BANK
In the U.S. Treasury Department's statement, it was alleged that Golden Global Bank was established to facilitate the transfer of oil revenues obtained by Iran's leadership network from China to Turkey, and their subsequent conversion into cash and gold.
The Department also claimed that the bank provided correspondent banking services to financial institutions in Iran, and that through these services, transactions were conducted through accounts linked to the IRGC-QF.
The statement noted that the bank was sanctioned because, within the scope of its activities in Turkey, it engaged in significant transactions targeting Iran's financial sector.
TWO SUBSIDIARIES ALSO UNDER SANCTIONS
The U.S. Treasury Department also added two subsidiaries of Golden Global Bank in Turkey to the sanctions list.
Istanbul-based Golden Global Asset Leasing Inc. and Golden Global Portfolio Management Inc. were sanctioned on the grounds that they are controlled by Golden Global Bank.
ASSETS IN THE U.S. WILL BE FROZEN
It was announced that all property and interests in property of the designated persons and entities that are in the United States or in the possession or control of U.S. persons will be blocked.
The U.S. Treasury Department stated that transactions by U.S. persons involving the sanctioned entities are prohibited unless authorized by a specific or general license. It also warned that foreign financial institutions that conduct certain transactions with the sanctioned entities could be subject to secondary sanctions.