US issues sanctions on Turkish bank that it calls a ‘critical financial lifeline’ for Iran

The Trump administration announced Friday that it has imposed sanctions on a Turkish financial institution as part of its latest effort to sever “critical financial lifelines” for the Iranian government.

The actions against Golden Global Yatirim Bankasi Anonim Sirketi come after Treasury Secretary Scott Bessent last week launched “Operation Economic Outcast”, Washington’s new effort to isolate already heavily sanctioned Iran from its remaining trading partners to try to get it to capitulate to US demands after more than six months of war.

The Treasury Department accused the Turkish bank and its entities of being established to enable Iran’s efforts to transfer oil revenues from China to Turkey, where they could then be converted to cash and gold. It also said the institution “knowingly offered” banking services to Iranian financial entities, including those already sanctioned by the US government in 2022 for funnelling Tehran’s oil sales.