US Sanctions Turkey's Golden Global Bank Over Tens of Millions in Iran-Linked Transfers
Updated
Updated · CNN · Sep 4
US Sanctions Turkey's Golden Global Bank Over Tens of Millions in Iran-Linked Transfers
3 articles · Updated · CNN · Sep 4
Summary
Friday's Treasury action targeted Golden Global Bank and its subsidiaries, alleging they handled tens of millions of dollars in transactions for Iran, including China oil revenue tied to the IRGC-Quds Force.
The move extends Operation Economic Outcast, with Marco Rubio ordering US diplomats to press host governments to sever Iranian financial ties and shut local branches of Iranian banks "immediately."
Recent steps have come in smaller increments rather than the promised "economic D-Day"—including a proposal to cut off UAE branches of Egypt's Banque Misr and sanctions on a Dubai-based Bank Melli manager.
Experts say the Turkish case matters less for the bank's size than for signaling Washington will hit third-country institutions, though many still doubt it will confront bigger Iranian partners such as China, Pakistan or Oman.
That skepticism reflects a broader question over impact: Iran has weathered decades of sanctions, while US officials insist the current campaign is more intense and already drawing allied support.