The US Treasury Department has sanctioned Golden Global Bank and two of its Turkish subsidiaries for allegedly facilitating transactions for Iran's Islamic Revolutionary Guard Corps' Quds Force, an elite military unit that reports to Iran's Supreme Leader.
The Treasury said in a statement on Friday that Golden Global Bank had knowingly offered correspondent banking services to Iranian financial institutions, enabling transactions through accounts controlled by the guard corps and its proxies. The department alleged the bank had facilitated tens of millions of dollars in such transactions.
The action is the latest move by the Trump administration to economically pressure Iran since the expansion of conflict in the region six months ago, which has driven up global energy prices.
US Treasury Secretary Scott Bessent announced the effort in a program called Operation Economic Outcast last month, aimed at further restricting Iran's access to the global financial system. Bessent said at the time that "financial institutions continue to find out the hard way that we are serious."
