US Sanctions Turkish Bank for Alleged Iran Ties

The U.S. Treasury Department announced Friday it has imposed sanctions on Turkey's Golden Globe Bank and its branches. The sanctions are due to suspicions that the bank facilitated tens of millions of dollars in transactions for Iran's Islamic Revolutionary Guard Corps (IRGC), as part of Washington's efforts to economically isolate Tehran.

The Treasury accused the bank of providing Iran with access to correspondent banking services, enabling international money transfers. This action follows similar sanctions last week against branches of Egypt's Bank in the UAE, also over suspected dealings with Iran.

Treasury Secretary Scott Bessent stated that financial institutions should understand the seriousness of the economic isolation campaign. He added that while the U.S. hopes not to sanction more banks, it depends on the international community's swiftness in ceasing support for the Iranian regime.

Bessent had previously announced the administration's intention to sanction banks this week and next, vowing to choke Iran economically. These remarks were made on the sidelines of a G20 finance ministers' meeting in Asheville, North Carolina, where the U.S. sought to rally support for increased pressure on Iran, particularly in the context of recent U.S.-Israeli strikes.

Earlier, Bessent wrote in the Financial Times that Washington would launch its "largest economic attack ever" against Iran, comparing it to the D-Day landings of World War II.