The Trump administration announced Friday that it has imposed sanctions on a Turkish financial institution as part of its latest effort to sever “critical financial lifelines” for the Iranian government.
The actions against Golden Global Yatirim Bankasi Anonim Sirketi come after Treasury Secretary Scott Bessent last week launched “Operation Economic Outcast, ” Washington’s new effort to isolate already heavily sanctioned Iran from its remaining trading partners to try to get it to capitulate to US demands after more than six months of war.
The Treasury Department accused the Turkish bank and its entities of being established to enable Iran’s efforts to transfer oil revenues from China to Turkey, where they could then be converted to cash and gold. It also said the institution “knowingly offered” banking services to Iranian financial entities, including those already sanctioned by the US government in 2022 for funneling Tehran’s oil sales.
Bessent, who had told The Associated Press earlier this week that another bank would face economic penalties, said financial institutions with ties to Iran will “continue to find out the hard way that we are serious about Operation Economic Outcast.”
“While we hope no more banks will need to be sanctioned, that ultimately depends on how quickly the international community comes to its senses and ceases support of the murderous Iranian regime,” he said in a press release Friday. “We know who you are, we know where you are, and we will continue to take action together with our allies and partners until we have buried the head of the Iranian snake.”
