The U.S. Treasury Department announced on September 4, 2026, that it has imposed sanctions on Golden Global Yatirim Bankasi Anonim Sirketi, a Turkish financial institution, as part of efforts to disrupt financial support for the Iranian government. Treasury Secretary Scott Bessent stated that this action is part of 'Operation Economic Outcast,' aimed at isolating Iran from its trading partners amid ongoing conflict.
The Treasury accused the bank of facilitating Iran's oil revenue transfers from China to Turkey, where the funds could be converted into cash and gold. It also claimed that the bank provided services to Iranian financial entities that had been sanctioned by the U.S. in 2022.
Bessent emphasized that financial institutions with connections to Iran would face consequences, stating, 'We are serious about Operation Economic Outcast.' He expressed hope that no additional banks would need to be sanctioned, depending on the international community's response to Iran.
Despite these sanctions, efforts to compel countries to sever ties with Iran have met with limited success, with previous threats of economic repercussions failing to materialize. The U.S. has also resumed military actions in the region, which have led to Iranian retaliation.
The sanctions against Golden Global Investment Bank, which was established in 2019, follow a recent settlement involving Turkey's state-run Halkbank, which faced allegations of violating sanctions related to Iran. The Halkbank case has strained U.S.-Turkey relations, with Turkish President Recep Tayyip Erdogan advocating for the case to be dismissed.
The Treasury's announcement coincides with ongoing discussions about the implications of U.S. sanctions on global financial systems and the potential impact on energy prices ahead of the midterm elections.