US imposes sanctions on Turkish bank, prompting legal threat
Summary
The U.S. Treasury Department has sanctioned a Turkish bank named Golden Global Bank and its subsidiaries due to alleged links with Iran’s Revolutionary Guard and a shadow banking system moving Iran’s oil money. The Turkish bank denies the claims, says it follows all banking rules, and plans to fight the sanctions legally.Key Facts
- The U.S. Treasury accused Golden Global Bank of handling large amounts of money for Iran’s Islamic Revolutionary Guard Corps-Qods Force.
- The bank is said to help Iran move oil revenues from China to Turkey using gold and cash.
- Golden Global Bank says it follows local and international banking rules and denies any wrongdoing.
- The bank plans to take legal action against the U.S. sanctions.
- The sanctions put Golden Global Bank and its subsidiaries on the U.S. Specially Designated Nationals list, blocking them from the U.S. financial system.
- U.S. Treasury Secretary Scott Bessent said the sanctions are part of a stronger effort called Operation Economic Outcast to pressure Iran.
- The U.S. Ambassador to Turkey said the sanctions target one bank and do not reflect on Turkey’s financial system as a whole.
- The U.S. is also targeting other banks linked to Iran’s shadow banking system in a broader campaign.
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