US Sanctions Turkish Bank for Aiding Iran's Revolutionary Guard

The U.S. Treasury Department has imposed sanctions on the Turkish bank Golden Global for facilitating tens of millions of dollars in transactions for Iran's Islamic Revolutionary Guard Corps (IRGC) and providing access to international clearing systems. This action is part of the Trump administration's broader campaign to cripple Iran's economy.

Golden Global was established in Turkey to help Iran's financial network move funds from China to Turkey, where they could be converted to gold or cash. U.S. Treasury officials stated that the bank was fully aware of the correspondent banking services it provided to Iranian financial institutions, particularly those linked to the IRGC's Quds Force. The sanctions also target two Istanbul-based subsidiaries of the bank, Global Varlik and Global Portfoy.

Treasury Secretary Steven Mnuchin emphasized the seriousness of the U.S. economic isolation campaign, warning that financial institutions that violate these measures could face penalties. He stated, "While we hope it will not be necessary to sanction additional banks, it ultimately depends on how quickly the international community comes to its senses and stops supporting the murderous Iranian regime. We know who you are, we know where you are, and we will continue to work with our allies and partners until we bury the Iranian snake's head."

U.S. Ambassador to Turkey, John Bass, sought to de-escalate tensions, tweeting that the sanctions should not be seen as a judgment on Turkey itself. He asserted that Turkey's own interest lies in a clean and reliable banking system, free from exploitation.

This move follows similar sanctions imposed in late August on the UAE branch of Bank Misr, an Egyptian state-owned financial institution, for allegedly helping Iranian companies move approximately $1.8 billion over two and a half years through Iran's ghost banking network. The U.S. Treasury also sanctioned Iranian citizen Reza Mohammad Taidi, CEO of the Dubai branch of Bank Melli Iran, and a Hong Kong company, Kamang Trading, for alleged money laundering on behalf of Iran.