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Treasury Sanctions Golden Global Bank in Turkey to Cut Iran’s Shadow Banking Links

It escalates Operation Economic Outcast by signalling weekly secondary sanctions to pressure banks to sever Iran’s oil‑to‑cash and gold conversion channels.

People shop at a local market in Bandar Abbas, Iran, on August 25.
Treasury Secretary Scott Bessent announces a new set of sanctions against Iran, describing them as "an economic D-Day," at the Treasury Department in Washington, DC, onn August 24.
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Trump has, in the past few days, attempted to use economic pressure as a major weapon against Iran.

Overview

  • The Treasury designated Golden Global Yatırım Bankası and two affiliated Golden Global firms on Friday, Sept. 4, 2026, using Executive Order 13902 and placing them on OFAC lists with a 15‑day wind‑down license that ends on Sept. 19.
  • U.S. officials say the Turkish group facilitated tens of millions of dollars in transactions for the IRGC‑Quds Force and gave Iran correspondent‑banking access that let oil revenue move from China to Turkey for conversion into cash and gold.
  • Treasury Secretary Scott Bessent framed the move as a deliberate escalation of Operation Economic Outcast and has warned the department will roll out additional secondary sanctions on a weekly cadence focused initially on banks.
  • The short wind‑down window forces counterparties and global banks to freeze or unwind ties quickly, creating immediate compliance and market disruption for institutions with exposure to Golden Global’s SWIFT code.
  • The action widens a campaign that already targets crypto, precious metals and correspondent banking channels and its success will depend on foreign cooperation, which will shape whether Iran’s revenue streams are truly choked off.