US Department of the Treasury
US sanctions Turkish bank over alleged IRGC links
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- The sanctions campaign is expanding across the region, targeting shipping networks, shadow fleets, exchange houses and third-country banks linked to Iran.
The United States Department of the Treasury announced Friday new secondary sanctions against Turkish lender Golden Global Bank over alleged financial links to Iran’s Islamic Revolutionary Guard Corps (IRGC), marking the latest expansion of Washington’s sanctions on Tehran.
The sanctions, executed under the Treasury’s newly launched "Operation Economic Outcast," target the Istanbul-based financial institution for allegedly facilitating transactions and providing financial lifelines to IRGC-affiliated networks.
In a statement announcing the blacklisting, US Treasury Secretary Scott Bessent issued an explicit warning to international financial institutions and foreign governments attempting to maintain commercial or banking ties with Tehran.
"Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast, … while we hope no more banks will need to be sanctioned, that ultimately depends on how quickly the international community comes to its senses and ceases support of the murderous Iranian regime."
Read more: US set to impose new Iran bank sanctions this week
Escalating economic pressures in the region
"Operation Economic Outcast" is part of a broader campaign by the Trump administration to enforce a total financial and trade blockade of Iran, targeting shipping registries, shadow fleets, regional exchange houses, and third-country banking networks across the Middle East and Europe.
