Treasury sanctioned Golden Global Bank and two subsidiaries, and the lender says it will challenge the move in court.
Why it matters: The designation can strain correspondent banking ties and make trade finance harder for the lender and its partners. It also raises compliance risk for firms dealing with Turkish institutions exposed to Iran-sensitive transactions.
- Treasury and OFAC designated Türkiye-based Golden Global Yatirim Bankasi Anonim Sirketi under sanctions tied to Iran's financial sector.
- Two subsidiaries were also added to the SDN list: Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi.
- Treasury said the bank facilitated tens of millions of dollars in transactions for the IRGC-Qods Force, the overseas arm of Iran's Revolutionary Guard, and provided correspondent banking access for Iranian flows.
- Golden Global Bank denied the allegations and said it would pursue legal remedies.
The U.S. Treasury said it sanctioned Türkiye-based Golden Global Yatirim Bankasi Anonim Sirketi and two subsidiaries under Executive Order 13902, which targets Iran's financial sector.
Treasury said the bank facilitated tens of millions of dollars in transactions for the IRGC-Qods Force, the overseas arm of Iran's Revolutionary Guard, and provided correspondent banking access that helped move Iranian funds. OFAC's recent-actions page lists the bank, its SWIFT/BIC code GOGYTRIS, and the two subsidiaries added to the SDN list.
In a statement reported by Al Jazeera, Golden Global Bank denied the allegations, said it had complied with local and international banking rules, and said it would seek legal remedies against the sanctions.
Treasury Secretary Scott Bessent linked the action to Operation Economic Outcast, Treasury's campaign to widen sanctions pressure on institutions doing business with Iran. Treasury said the latest designation falls under that effort.
Reuters reported that Treasury said Golden Global was set up to help Iran move oil revenues from China to Türkiye, where they could be converted into cash and gold. The Associated Press reported that the bank was founded in 2019 and had a relatively small asset base compared with major Turkish lenders.
By the numbers
- tens of millions of dollars - Treasury's estimate of transactions tied to the IRGC-Qods Force
- 2019 - the year AP reported Golden Global Bank was founded
- 2026-09-04 - date of the Treasury and OFAC action
Yes, but: The bank has denied the allegations, and the sanctions case could face legal challenge.
What's next: Golden Global Bank says it will pursue legal remedies. Treasury's sanctions action will also test the bank's access to correspondent banking and trade finance.