The administration announced sanctions on Turkish bank Golden Global Yatirim Bankasi Anonim Sirketi to isolate Iran's economy

The administration announced sanctions on the Turkish financial institution Golden Global Yatirim Bankasi Anonim Sirketi as part of a broader effort to isolate the Iranian government. The Treasury Department accused the bank of facilitating tens of millions of dollars in transactions for the Islamic Revolutionary Guard Corps-Qods Force and enabling Iran's shadow banking system to transfer oil revenues from China to Turkey to be converted into cash and gold. Treasury Secretary Scott Bessent stated that the bank and its subsidiaries were placed on the Specially Designated Nationals list, cutting off their access to the US financial system. The bank responded by stating it fulfilled all local and international banking compliance rules and will take legal action against the sanctions. These actions are part of "Operation Economic Outcast," a campaign launched by the administration to sever Iran's financial lifelines. The European Union has formally joined this campaign, endorsing the administration's efforts to apply economic pressure on Tehran. While the administration has taken steps to limit the operations of an Egyptian bank in the UAE, it stopped short of full sanctions, seeking to balance the campaign's impact on global trade.

Sources

• Al Jazeera
  US imposes sanctions on Turkish bank, prompting legal threat
• cnbc.com
  U.S. 'Economic Outcast’ operation gains momentum as EU joins sanctions; South Korea weighs military backing
• AP News
  US issues sanctions on Turkish bank that it calls a ‘critical financial lifeline’ for Iran

---

Paywall and unreadable sources

• WSJ
  The Morning Risk Report: U.S. Hits Bank With ‘Outcast’ Action
• Reuters
  US sanctions Turkish bank, two subsidiaries in latest pressure on Iran