The U.S. Treasury Department has sanctioned Golden Global Yatirim Bankasi, a Türkiye-based financial institution, along with two subsidiaries, accusing the entities of helping Iran move funds through the international financial system.

Treasury said Golden Global Bank facilitated tens of millions of dollars in transactions linked to Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and provided correspondent banking services to Iranian financial institutions and entities linked to the IRGC-QF.

According to the Treasury, the bank was established to help transfer Iranian oil revenues from China to Türkiye, where the funds could then be converted into cash and gold through Iranian-linked money exchangers.

The two subsidiaries designated alongside the bank are Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi.

The sanctions were imposed under Operation Economic Outcast, launched by the Trump administration on August 24 to target Iran’s financial networks, sanctions-evasion mechanisms and sources of revenue.

U.S. Treasury Secretary Scott Bessent has warned that foreign financial institutions facilitating Iranian sanctions evasion or money laundering could face restrictions on access to the U.S. financial system.

The latest action blocks property and interests in property of the designated entities that are in the United States or under the control of U.S. persons, while certain transactions involving them may also expose foreign financial institutions to secondary sanctions.

The U.S. move represents a further escalation of Washington’s economic campaign against Tehran and expands the sanctions pressure to a Turkish financial institution.