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4h ago

U.S. Blacklists Istanbul Bank in Operation Economic Outcast

Severing a conduit for Iran’s oil revenue, the OFAC designation lays the groundwork for regular secondary sanctions, increasing diplomatic strain with Turkey.

People shop at a local market in Bandar Abbas, Iran, on August 25.
Treasury Secretary Scott Bessent announces a new set of sanctions against Iran, describing them as "an economic D-Day," at the Treasury Department in Washington, DC, onn August 24.
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Overview

  • The Treasury designated Golden Global Yatirim Bankasi and two Turkey-based subsidiaries on Sept. 4, 2026, placing them on the OFAC Specially Designated Nationals list and issuing a short general license to allow an orderly wind down of transactions.
  • Treasury says the firms moved tens of millions of dollars for the IRGC‑QF and provided correspondent‑banking access that let Iran shift oil revenue from China to Turkey for conversion into cash and gold.
  • Golden Global denied the allegations, said it complied with local and international rules, and announced plans to pursue legal action against the U.S. move.
  • Officials framed the action as the first bank designation in a NATO ally under Operation Economic Outcast and warned that more weekly secondary sanctions, initially aimed at banks, are likely to follow.
  • The designation raises pressure on correspondent banks and third‑country intermediaries to cut Iran‑linked flows and could prompt Iranian retaliation or broader financial disruption if key trade partners do not cooperate.