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4h ago

U.S. Blacklists Turkish Bank in Escalation of Operation Economic Outcast

Brussels has endorsed the campaign to isolate Tehran by cutting off its remaining international finance channels.

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 Istanbul-based Golden Global Yatirim Bankasi and two subsidiaries on Friday, Sept. 4, placing them on the OFAC Specially Designated Nationals list and issuing a limited general license to allow counterparties to wind down transactions.
  • U.S. officials say the bank moved tens of millions of dollars for the IRGC‑Quds Force and served as a node in Iran’s rahbar shadow‑banking system that routed oil proceeds from China to Turkey for conversion to cash or gold.
  • Golden Global rejected the allegations, said it complied with local and international rules, and vowed legal action against the U.S. designation.
  • Treasury framed the step as part of Operation Economic Outcast, noted EU support for the drive, and warned Secretary Scott Bessent expects additional bank designations on a near‑weekly cadence.
  • Sanctions experts say the move is intended to deter third‑country intermediaries but may only marginally cut Iran’s revenue without cooperation from major buyers such as China and could raise risks of retaliation as U.S. military pressure on Iranian oil exports continues.