US sanctions Turkish bank over alleged Iran, IRGC financial network

The US Treasury Department announced on Friday that it has sanctioned the Istanbul-based Golden Global Bank and two of its subsidiaries for allegedly facilitating the transfer of tens of millions of dollars for the IRGC-Quds Force. According to the Treasury, the bank was established to assist a financial network linked to the Iranian leadership in moving oil proceeds from China to Turkey, where funds could be converted into cash and gold. US Treasury Secretary Scott Bessent described the move as part of "Operation Economic Outcast," aimed at disrupting Iran's financial networks and sanctions evasion. US officials allege that the bank provided correspondent banking services to Iranian entities, enabling transactions for the IRGC-QF and associated figures, including the previously sanctioned businessman Sitki Ayan. Emphasizing Washington's determination to freeze IRGC assets globally, Bessent stated that the US has identified IRGC-linked accounts in offshore jurisdictions, including the British Virgin Islands. He stated that the objective of these pressures is to compel Tehran to return to negotiations, halt its nuclear program, and cease support for regional proxies.