Treasury Severs Iranian Regime’s Financial Lifelines in Trkiye

Washington: Today, as part of Operation Economic Outcast, the U.S. Department of the Treasury severed the Iranian regime's critical financial lifelines in Trkiye. The Office of Foreign Assets Control (OFAC) designated Trkiye-based financial institution Golden Global Yatirim Bankasi Anonim Sirketi (Golden Global Bank) and its subsidiaries, which have facilitated tens of millions of dollars worth of transactions for the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and provided the Iranian regime with key correspondent banking access that allows it to move its funds internationally. According to U.S. Department of the Treasury, Secretary of the Treasury Scott Bessent emphasized that financial institutions continue to face consequences for supporting the Iranian regime under Operation Economic Outcast. Bessent warned that sanctions are inevitable unless the international community halts support for Iran. The initiative, announced on August 24, 2026, as Economic D-Day, aims to dismantle the economic net works sustaining the Iranian regime by targeting its oil smuggling, sanctions evasion, and terror funding channels. Operation Economic Outcast has broadened sanctions risks for entities doing business with Iran, threatening them with exclusion from the U.S. financial system. It has expanded secondary sanctions exposure and accelerated enforcement. Iran relies on multi-jurisdictional shadow banking networks to sustain its economy, using financial institutions like Golden Global Bank to launder funds and finance regional terrorist proxy groups. Golden Global Yatirim Bankasi Anonim Sirketi, based in Trkiye, was established to facilitate the transfer of Iranian oil revenues from China to Turkey. It offered correspondent banking services to Iranian financial institutions, enabling transactions through IRGC-QF-controlled accounts, including those linked to Turkish businessman Sitki Ayan. Golden Global Bank and its subsidiaries are designated under E.O. 13902 for facilitating significant transactions for the Irani an financial sector. As a result of these designations, all property and interests in property of the designated persons within the United States or controlled by U.S. persons are blocked and must be reported to OFAC. U.S. persons are prohibited from transactions involving blocked persons unless authorized by OFAC. Violations of U.S. sanctions can result in civil or criminal penalties, with non-U.S. persons also facing sanctions risks for facilitating such violations. Furthermore, foreign financial institutions involved in significant transactions with designated persons risk secondary sanctions. OFAC may restrict their access to U.S. correspondent or payable-through accounts. While sanctions aim to bring about behavioral changes rather than punishment, OFAC maintains the authority to remove persons from the Specially Designated Nationals and Blocked Persons List in accordance with legal guidelines.