US Imposes Sanctions on Turkish Bank Over Iran Ties
· World · Al Jazeera, Fortune
The US Treasury Department has sanctioned the Istanbul-based Golden Global Yatirim Bankasi Anonim Sirketi for allegedly facilitating millions of dollars in transactions for Iran’s Islamic Revolutionary Guard Corps-Qods Force. Washington claims the bank served as a conduit for the Iranian government to move funds internationally and transfer oil revenues from China to Turkey using gold and cash. In response, the bank denied the allegations and announced plans to pursue legal action, stating it has always complied with local and international banking regulations. The sanctions place the bank and its two subsidiaries on the Office of Foreign Assets Control’s Specially Designated Nationals list, effectively cutting them off from the US financial system. US Ambassador to Turkiye Tom Barrack stated the measure is a narrow action against one institution rather than a judgment on the broader Turkish financial system.
Why it matters
The sanctions isolate the bank from global dollar-based transactions and signal a continued US crackdown on entities suspected of supporting Iran's shadow-banking network.
Read the original report — Al Jazeera
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