The U.S. Treasury has blocked Golden Global Bank, a Turkish financial institution, from accessing the U.S. financial system for facilitating Iran's illicit revenue operations.
The action was taken pursuant to Executive Order 13902, which targets sectors of the Iranian economy including the financial system. The Treasury said Golden Global Bank was established to enable Iran's revenue transfer network to move oil revenues from China to Turkey, where they could be converted to cash and gold through currency exchanges.
The bank knowingly offered correspondent banking services to Iranian financial institutions, enabling transactions involving the Islamic Revolutionary Guard Corps-Quds Force and its proxies, according to the Treasury. Two Turkey-based subsidiaries—Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi—are also being designated and blocked.
The action is part of Operation Economic Outcast, a sanctions initiative announced by Treasury Secretary Scott Bessent on August 24, 2026, targeting financial channels Iran uses to smuggle oil, evade sanctions, and fund terrorist organizations.
As a result of the designation, all U.S.-based property and interests belonging to the bank and its subsidiaries are blocked. U.S. persons are prohibited from transacting with the entities without authorization. The Treasury warned that any entity facilitating money laundering or sanctions evasion on behalf of Iran risks being cut off from the U.S. financial system, and foreign financial institutions may face secondary sanctions for conducting significant transactions on behalf of the designated bank.