Golden Global Bank hit by US sanctions over Iran claims

The US Treasury Department imposed sanctions Friday on Turkish lender Golden Global Bank and its subsidiaries over alleged ties to Iran's Islamic Revolutionary Guard Corps, while the bank denied the accusations.

The Treasury said Golden Global Bank and its subsidiaries facilitated tens of millions of dollars' worth of transactions for the IRGC. It also said they provided Tehran with correspondent banking access that allowed it to move funds internationally.

Golden Global Bank said it “has not concluded any banking transactions that could substantiate” the US government's claims. The bank said it respects applicable local and international banking regulations, practices and compliance requirements.

US Treasury Secretary Scott Bessent said financial institutions were finding out that Washington was serious about Operation Economic Outcast. He said he hoped no more banks would need to be sanctioned, but that this depended on how quickly the international community ended support for Iran's government.

Bessent had said earlier in the week that Washington would likely announce a bank sanction this week and another next week. He made the comments on the sidelines of a Group of 20 finance leaders' gathering in Asheville, North Carolina, where he also sought support from partners to pressure Iran.

The move follows a US step last week toward cutting a major Egyptian bank's United Arab Emirates operations from the US financial system. Washington is trying to isolate Tehran economically during the US-Iran war.