US Sanctions Turkish Bank Over Alleged IRGC Links, Drawing Legal Challenge

The U.S. Treasury Department sanctioned Golden Global Yatirim Bankasi, accusing it of moving tens of millions of dollars for Iran’s Revolutionary Guard.

Published: 5 Sep 2026

The U.S. Treasury Department sanctioned a Turkish bank and its subsidiaries on Friday over alleged ties to Iran, escalating Washington’s campaign to economically isolate Tehran.

The Treasury accused Golden Global Yatirim Bankasi Anonim Sirketi (Golden Global Bank) of facilitating tens of millions of dollars in transactions for the Islamic Revolutionary Guard Corps-Qods Force and providing the Iranian government with banking access to move funds internationally.

Washington alleged the bank was established to enable Iran’s “rahbar network”—a shadow banking system—to transfer oil revenues from China to Turkey using gold and cash.

Golden Global Bank responded Friday, stating it complies with all local and international banking regulations and vowing to pursue legal action against the sanctions.

The bank denied the allegations in a statement, asserting that no transactions substantiate the U.S. claims.

“We will exercise all our rights of objection and legal recourse in the most effective manner and will take the necessary actions at the earliest against these allegations and the decision,” the bank added.

“Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast,” Treasury Secretary Scott Bessent said in a statement Friday.

The sanctions place the bank and its two subsidiaries on the Office of Foreign Assets Control (OFAC) Specially Designated Nationals list, cutting off their access to the U.S. financial system.

The bank stated that individuals and entities named in the OFAC decision “have never been and are not currently customers” of Golden Global.

U.S. Ambassador to Turkey Tom Barrack said Saturday it would be a mistake for Turkish officials “to read [the U.S.’s] narrow measure as a judgement upon Türkiye.”

“The health of the Turkish financial system is not in question; the conduct of one institution was,” Barrack posted on X.

Last week, the U.S. moved to sever the UAE operations of Egypt’s second-largest bank from financial access over accusations it processed transactions for firms linked to Iran’s shadow-banking system.

Bessent said Tuesday on the sidelines of a G20 summit that Washington would likely announce a bank sanction this week and another next week as it ramps up its economic campaign against Tehran.

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