The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Türkiye-based Golden Global Yatirim Bankasi Anonim Sirketi (Golden Global Bank) and its two Turkish subsidiaries under Executive Order 13902.
“Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast,” said Secretary of the Treasury Scott Bessent.
“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. 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 action is part of Operation Economic Outcast—the U.S. government’s economic isolation campaign launched on August 24, 2026—aimed at dismantling shadow banking networks and correspondent financial channels that facilitate transactions for the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and foreign oil sales.
Key Sanctions Implications & Operations
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Correspondent Network Disruptions: OFAC identified Golden Global Bank as a key conduit established to process Iranian oil revenues originating in China, convert funds into cash and gold via regional money exchangers, and maintain accounts linked to previously sanctioned facilitators like Turkish businessman Sitki Ayan.
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SDN Blocking & Property Freeze: All property and asset interests of Golden Global Bank and its 50%-or-more owned subsidiaries within U.S. jurisdiction (or in possession of U.S. persons) are blocked and must be reported to OFAC.
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Secondary Sanctions Threat: Non-U.S. financial institutions maintaining correspondent or payable-through accounts in the U.S. risk severe secondary sanctions or complete exclusion from the U.S. financial system if they knowingly process significant transactions involving the designated entities.
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