Archive · 5 Sep 2026
US Sanctions Turkish Bank in Escalating Pressure on Iran
The United States punished a Turkish bank and two companies connected to it.
U.S. officials say they helped Iran move money made from selling oil.
They say some of the money was connected to Iran’s Islamic Revolutionary Guard Corps Qods Force.
The sanctions make it difficult for the bank and companies to use the U.S. dollar financial system.
The Treasury allowed some transactions to continue temporarily so existing business could be closed.
Golden Global says the accusations are unfounded and that it followed banking rules.
One expert said the sanctions could send a strong warning to Turkey and other banks.
Another expert said they might only slightly hurt Iran and could lead to retaliation.
The action is part of a wider U.S. effort to pressure Iran back into negotiations.
The U.S. Treasury sanctioned Istanbul-based Golden Global Yatirim Bankasi and two subsidiaries over alleged Iran-related financial activity.
Treasury said the entities helped move Iranian oil revenues from China through Turkey for conversion into cash and gold.
The sanctions place the three entities on the Specially Designated Nationals list, restricting access to the U.S. dollar-based financial system.
Golden Global denied the allegations, saying it followed Turkish and international rules and had no dealings with the named individuals or entities.
Experts said the action could pressure Iran and warn Turkey, but might have limited effect and increase the risk of retaliation.
- Who
- The U.S. Treasury Department sanctioned Golden Global Yatirim Bankasi and its subsidiaries; Golden Global rejected the allegations.
- What
- The three Turkish entities were sanctioned for allegedly facilitating Iran-related trade and financial transfers linked to the Islamic Revolutionary Guard Corps Qods Force.
- When
- The sanctions were announced on Friday, September 4, 2026, according to the Reuters report; the News18 report was published September 5, 2026.
- Where
- The targeted bank is based in Istanbul, Turkey; the alleged transactions involved China, Iran and Turkey.
- Why
- Treasury said the entities helped Iran’s shadow-banking network move oil revenues and provided correspondent banking services to Iranian financial institutions.
U.S. allegations and pressure campaign
Bank denial and expert concerns
Golden Global’s alleged role
U.S. allegations and pressure campaign
Treasury said Golden Global was established to support Iran’s shadow-banking network, move oil revenues from China to Turkey and provide correspondent banking services to Iranian financial institutions.
Bank denial and expert concerns
Golden Global said it complied with Turkish and international banking and compliance requirements, and that the individuals and entities named in the sanctions decision were not its customers.
Effectiveness of sanctions
U.S. allegations and pressure campaign
Treasury Secretary Scott Bessent said the action warned financial institutions that Washington would target those helping Iran bypass sanctions and said further action could follow.
Bank denial and expert concerns
Sanctions expert Brett Erickson said the move would only marginally increase pressure on Iran and might not change the course of the war.
Impact on Turkey and retaliation
U.S. allegations and pressure campaign
Sanctions expert Miad Maleki said the action sent a strong message to Ankara and other financial institutions that could become channels for Iranian money.
Bank denial and expert concerns
Erickson warned that if the pressure did not meaningfully change Iran’s economic trajectory, Tehran could retaliate in ways that might cause greater damage to the global economy.
- Sanctioned entities
- Golden Global Yatirim Bankasi Anonim Sirketi, Golden Global Portfoy Yonetimi Anonim Sirketi and Golden Global Varlik Kiralama Anonim Sirketi.
- U.S. agency
- The Treasury Department’s Office of Foreign Assets Control imposed the sanctions.
- Financial restriction
- The entities were added to the Specially Designated Nationals list and cut off from the U.S. dollar-based financial system.
- Wind-down provision
- Treasury issued a general license allowing transactions with the sanctioned entities to be wound down.
- Alleged money route
- Treasury said Iranian oil revenues moved from China through Turkey, where they could be converted into cash and gold.
- Bank size
- Golden Global was described as Turkey’s 35th-largest bank, with about 25 billion Turkish lira in assets in 2025.
- Related action
- Washington recently moved to restrict Banque Misr’s United Arab Emirates branches from U.S. dollar transactions over alleged dealings with Iran.
