As part of Operation Economic Outcast, the U.S. Department of the Treasury has severed the Iranian regime’s critical financial lifelines in Türkiye. The Department of Treasury’s Office of Foreign Assets Control (OFAC), on September 4, designated Türkiye-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 provide the Iranian regime with key correspondent banking access that allows it to move its funds internationally.
“Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast," said Secretary of the Treasury Scott Bessent.
Announced August 24, 2026, Operation Economic Outcast is severing the remaining economic lifelines that sustain the Iranian regime. Working with partners across the U.S. Government, the European Union, the United Kingdom, Gulf partners, and others, the U.S. Treasury is targeting any source of the regime’s illicit revenue, as well as its sanctions evasion schemes to move funds.
Türkiye-based Golden Global Yatirim Bankasi Anonim Sirketi was established for the purpose of enabling Iran’s Rahbar network to transfer oil revenues from China to Turkey, where it could then be converted to cash and gold by Rahbar money exchangers. Golden Global Bank has knowingly offered to provide correspondent banking services to Iranian financial institutions, enabling transactions through accounts controlled by the IRGC-QF and its proxies, including those of Turkish businessman Sitki Ayan and his companies, a network sanctioned by OFAC in 2022 for moving hundreds of millions of dollars related to IRGC-QF oil sales.
Golden Global Bank controls two Türkiye-based subsidiaries, Istanbul-based Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi, both of which are designated for being owned or controlled by or having acted or purported to act for or on behalf of, directly or indirectly, Golden Global Bank.
As Secretary Bessent noted, ”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 cease support of the murderous Iranian regime. We know who you are, we know where you are, and we will continue to take action together with our allies and partners until we have buried the head of the Iranian snake.”
The United States remains fully committed to cutting off every source of revenue to Iran’s repressive regime.