US Sanctions Turkish Bank Accused of Providing Financial Lifeline to Iran

The U.S. Treasury Department has imposed new economic sanctions on Golden Global Yatirim Bankasi Anonim Sirketi, a Turkish bank, accusing it of providing financial support to Iran. The Treasury claims the bank was part of a shadow banking network designed to bypass sanctions and facilitated Iranian oil sales to China by handling proceeds and converting them to cash and gold. These sanctions are part of a broader U.S. effort to increase financial pressure on Tehran.

• U.S. Treasury Department imposed new sanctions on Golden Global Yatirim Bankasi Anonim Sirketi.
• The Turkish bank is accused of providing a financial lifeline to Iran.
• Golden Global Bank allegedly operated within a shadow banking network to circumvent sanctions.
• The bank is accused of facilitating Iranian oil sales to China by handling proceeds and converting them to cash and gold.
• The sanctions are part of a U.S. initiative known as Operation Economic Outcast.