The U.S. Department of the Treasury announced last Friday new economic sanctions against the Turkish bank Golden Global Yatirim Bankasi Anonim Sirketi, accused of providing a significant financial avenue to the Iranian regime and helping Tehran evade restrictions imposed by Washington.
According to the Treasury, Golden Global Bank was established in Turkey as part of a clandestine banking network designed to circumvent U.S. sanctions against Iran. U.S. authorities claim that the institution played a key role in processing revenues from Iranian oil sales to China, in addition to facilitating the conversion of those funds into cash and gold.
The measure is part of a financial pressure campaign driven by the administration of President Donald Trump under the name ''Operation Economic Marginalization''. The strategy aims to limit the sources of income for the Iranian regime and hinder its ability to finance military activities, strategic programs, and allied organizations in the Middle East.
The government of Donald Trump imposed severe sanctions against a Turkish bank that was providing financing to the Iranian terrorist regime
The Treasury Secretary, Scott Bessent, stated that the new sanctions demonstrate that Washington is determined to pursue financial institutions that continue to collaborate with Iran. Bessent warned that banks and entities that contribute to keeping Tehran's economic channels open will face consequences.
The official noted that the United States would prefer not to impose new sanctions on international financial institutions, but maintained that the responsibility lies with the international community and those who continue to support the Iranian regime. Bessent also made it clear that Washington will continue to work with its allies and partners to intensify Tehran's economic isolation.
The sanctions were not limited to the main bank. The Treasury also included in the measure two subsidiaries of Golden Global Bank based in Turkey: Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi.
The U.S. Treasury Secretary noted that the sanctions imposed by Washington represent firmness against Tehran
The economic offensive began on August 24, when Washington announced the first actions of Operation Economic Marginalization against dozens of individuals, companies, and vessel operators accused of contributing to Iran's economic and strategic activities. Among the accusations were assistance in collecting revenues from oil exports, acquiring military and nuclear technology, and developing cyber operations.
Since then, the Treasury has indicated that measures against Iran will continue regularly. Bessent had anticipated new weekly sanctions aimed at deepening Tehran's economic isolation and progressively closing the mechanisms used by the regime to access the international financial system.
The campaign has also extended to financial institutions in third countries. The previous week, the Treasury proposed restricting access to U.S. financial services for a branch in the United Arab Emirates of the Egyptian bank Banque Misr due to its alleged ties to Iran.
The Golden Global Bank has been accused of being part of a clandestine banking network to evade U.S. sanctions against Iran
Washington is also trying to broaden international participation in its strategy. Bessent stated on Thursday that the European Union had agreed to join the operation. The European Commission had previously expressed its support for new economic measures aimed at pressuring Iran to abandon destabilizing activities and move towards good faith peace negotiations.
The European Union noted that it will continue to work alongside the United States, G7 countries, and other international partners to maintain pressure on Tehran, while seeking to contribute to reducing tensions and regional stability.
The inclusion of European allies represents a significant boost to the Trump administration's strategy, as it expands the scope of restrictions beyond measures applied exclusively by Washington. For the United States, cutting the channels used to mobilize Iranian oil revenues is a key tool to reduce the resources available to the regime.
The European Union has announced its adherence to the U.S. financial operation, which gives Washington the ability to impose sanctions with greater reach
