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Turkey-based Golden Global Yatirim Bankasi Anonim Sirketi (Golden Global Bank) and two of its affiliates have been placed on the Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) list by the U.S. Treasury Department. As a result, all of Golden Global Bank’s U.S. assets will be frozen and all U.S. persons and entities will be prohibited from doing business with the bank.
The Treasury Department on Friday designated Golden Global Bank, a Turkish bank, and two of its subsidiaries as having supported Iran’s government and the IRGC-QF. The bank allegedly transferred more than $30 million through IRGC-QF controlled accounts, and provided Tehran with the critical ability to facilitate transactions through correspondent accounts in the global financial system, all in violation of existing U.S. sanctions.
“Golden Global Bank has knowingly offered the services of a correspondent bank to several Iranian financial institutions, including accounts under the control of the IRGC-QF and its proxies, in transactions of tens of millions of dollars,” said Treasury. Washington cut the UAE operations of an Egyptian bank from the US financial system last week.
Financial institutions will continue to learn the hard way that we are serious about Operation Economic Outcast, said Treasury Secretary Scott Bessent in a statement. Bessent made the comments at a G20 meeting of finance officials in Asheville, NC last week, saying that the US would take action against one bank this week and another the following week.
“Though we hope to keep the program to just two banks, the international community has yet to come to its senses and cease to support the Iranian regime, so that is not a guarantee,” he said.
Golden Global Bank issued a legal warning to the US Treasury in response to the allegations made against it. So far, there has been no comment from Turkey’s capital, Ankara, but the designation puts the NATO member in an uncomfortable position — Ankara has maintained economic ties with Tehran even as the U.S.-led financial squeeze on the Islamic Republic intensifies six months into the war.
The new sanctions are part of a broader campaign waged under Operation Economic Outcast, the economic component of Washington’s Iran strategy launched six months ago. Washington has previously warned of severe economic consequences for any country that fails to cooperate with the campaign.
