U.S. sanctions Turkish bank over alleged Iran financial network

The Trump administration has sanctioned a Turkish investment bank that U.S. officials accuse of helping Iran move oil revenues through an international financial network, escalating Washington's campaign to cut Tehran off from sources of funding.

The Treasury Department announced Friday that it was sanctioning Golden Global Yatirim Bankasi and two affiliated companies. The Istanbul-based institutions are accused of facilitating financial activity tied to Iran, including the movement of oil revenues from China through Turkey and the conversion of those funds into cash and gold.

The Treasury Department described the bank as a “critical financial lifeline” for Iran and said the action is part of the administration's broader “Operation Economic Outcast.”

Treasury Secretary Scott Bessent warned that financial institutions continuing to work with Iran will face consequences.

“Financial institutions with ties to Iran will continue to find out the hard way that we are serious about Operation Economic Outcast,” Bessent said.