Washington has stepped up its economic campaign against Iran by sanctioning a Turkish bank accused of helping the country’s Islamic Revolutionary Guard Corps (IRGC) move money through the international financial system.
The US Treasury Department on Friday targeted Golden Global Bank and its subsidiaries, saying they had facilitated tens of millions of dollars in transactions for the IRGC and provided Tehran with correspondent banking access to transfer funds internationally.
US Treasury Secretary Scott Bessent said the action showed Washington’s determination to isolate Iran financially under what he called “Operation Economic Outcast.”
“Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast,” Bessent said in a statement.
He said Washington hoped no further banks would need to be sanctioned, but warned that countries and financial institutions supporting what he called the “murderous Iranian regime” could face consequences.
The latest sanctions follow a move by Washington last week aimed at restricting the UAE operations of a major Egyptian bank from accessing the US financial system.
Bessent had warned earlier this week that the United States was preparing further bank sanctions as it sought to cut Tehran off economically.
He made the remarks on the sidelines of a G20 meeting of finance leaders in Asheville, North Carolina, where he also pressed international partners to increase economic pressure on Iran.
The sanctions come as the US-Iran conflict enters its sixth month.
The war began in late February when the United States and Israel launched a surprise bombing campaign that killed Iran’s supreme leader.
Bessent has described the campaign as an “economic D-Day” for Iran and warned of harsh consequences for countries that refuse to join Washington’s efforts to squeeze Tehran financially.
-20260905051724.jpeg)
-20260904064352.webp)
