On September 4, 2026, the US Treasury Department imposed sanctions on three Turkey-based entities connected to the Golden Global group for facilitating financial transactions with Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-Qods Force) [1, 2, 3, 4].
The sanctioned entities include Golden Global Yatirim Bankasi Anonim Sirketi (Golden Global Bank), Golden Global Portfoy Yonetimi Anonim Sirketi (an asset management firm), and Golden Global Varlik Kiralama Anonim Sirketi (an asset leasing company) [1, 2, 3, 4]. These firms have been added to the Treasury’s Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) list, effectively blocking their access to the US financial system [1, 2, 3, 4].
The Treasury accused Golden Global Bank of facilitating tens of millions of dollars in transactions for the IRGC-Qods Force. It also detailed the bank’s role in enabling Iranian oil revenue transfers from China to Turkey through gold and cash [2, 3, 4]. US Treasury Secretary Scott Bessent emphasized the move as part of "Operation Economic Outcast," aimed at intensifying economic pressure on Iran. He said, "Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast" and stated, "We know who you are and where you are, and we will continue to act with allies and partners until Iranian influence is rooted out completely" [2, 3].
Golden Global Bank denied the allegations, asserting its compliance with all local and international banking regulations. The bank pledged to "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" [2, 3, 4].
US Ambassador to Turkey Tom Barrack clarified that the sanctions target the conduct of the specific institution, not the Turkish financial system as a whole. He stated, "The health of the Turkish financial system is not in question; the conduct of one institution was" [2].
The Treasury issued a general license allowing the sanctioned entities to wind down existing transactions [1, 3, 4]. This action marks the first time the US has sanctioned a bank in a NATO ally as part of its wider campaign against Iran [3, 4].
