Treasury Severs Iranian Financial Lifelines in Türkiye, Designates Golden Global Bank

The US Treasury, as part of Operation Economic Outcast, designated Türkiye-based Golden Global Yatirim Bankasi Anonim Sirketi (Golden Global Bank) and two Istanbul subsidiaries. That is the Treasury press release dated 4 September 2026. Thursday’s Bessent note that the EU joined Outcast stays the prior Outcast sibling.

Golden Global Bank and two Istanbul subsidiaries

OFAC designated Golden Global Bank plus Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi. The action is taken pursuant to E.O. 13902, which targets certain sectors of the Iranian economy, including Iran’s financial sector.

On the same PR, Türkiye-based Golden Global Bank was established for the purpose of enabling Iran’s rahbar network to transfer oil revenues from China to Turkey, where it could then be converted to cash and gold by rahbar money exchangers. The bank has facilitated tens of millions of dollars’ worth of transactions for the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and has knowingly offered correspondent banking services to Iranian financial institutions, including accounts tied to Turkish businessman Sitki Ayan and his companies — a network sanctioned by OFAC in 2022.

Bessent: Outcast is serious

“Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast,” said Treasury Secretary Scott Bessent. “While we hope no more banks will need to be sanctioned, that ultimately depends on how quickly the international community comes to its senses and ceases support of the murderous Iranian regime. We know who you are, we know where you are, and we will continue to take action together with our allies and partners until we have buried the head of the Iranian snake.”

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