US Targets Turkish Bank Over Alleged Financial Ties to Iran’s IRGC

The US Treasury Department has officially sanctioned a Turkish bank accused of executing financial operations on behalf of Iran’s Islamic Revolutionary Guard Corps' Quds Force. According to an official statement released on Friday, the department focused its measures on Golden Global Yatirim Bankasi Anonim Sirketi, frequently referred to as Golden Global Bank, alongside a pair of Turkey-based subsidiaries.

The Treasury stated that Golden Global Bank knowingly supplied correspondent banking capabilities to Iranian financial entities, thereby permitting operations via accounts managed by the IRGC-QF and its associated proxies. The department further noted that the institution processed tens of millions of dollars in transactions supporting the IRGC.

This enforcement action represents the latest move in the Trump administration's ongoing initiative to apply economic pressure against Iran six months into the ongoing conflict, a situation that has driven global energy costs upward. US Treasury Secretary Scott Bessent introduced Operation Economic Outcast last month to further restrict Iran’s financial sector.

“Financial institutions continue to find out the hard way that we are serious,” Mr Bessent stated. “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.”