US Sanctions Turkish Bank Over Alleged Iranian Shadow Banking Network

The United States Department of the Treasury has placed sanctions on Turkey-based Golden Global Bank and two of its subsidiaries, blocking them from the American financial system over alleged links to Iran. The measure, announced on Sept. 4, 2026, prompted an immediate denial from the Istanbul-headquartered bank, which promised legal action.

Allegations of Shadow Banking Transfers

According to American officials, Golden Global Yatirim Bankasi Anonim Sirketi facilitated tens of millions of dollars in transactions for Iran’s Islamic Revolutionary Guard Corps-Qods Force. The U.S. Treasury Department alleged that the financial institution was created to assist Tehran’s shadow banking system in transferring oil revenues from China to Turkey using cash and gold.

The sanctions place the bank and its two subsidiaries on the U.S. Office of Foreign Assets Control’s Specially Designated Nationals list. The designation cuts off the entities from accessing the U.S. financial system and doing business with U.S. entities.

Bank Denies Claims and Threatens Lawsuit

Golden Global Bank rejected the U.S. allegations on Friday, stating that it complies with all local and international banking rules. Bank officials asserted that no transactions exist to support the U.S. claims, adding that individuals and entities listed in the designation “have never been and are not currently customers” of the institution.

The bank stated that it would pursue “all our rights of objection and legal recourse” to challenge the U.S. decision at the earliest opportunity.

Diplomatic Reassurances and Broad Campaign

Following the announcement, U.S. Ambassador to Turkiye Tom Barrack sought to reassure Turkish officials regarding the scope of the decision. Writing on social media on Saturday, Barrack stated that “the health of the Turkish financial system is not in question” and cautioned against viewing the targeted action as a broader judgment on Turkey.

The enforcement action forms part of a broader U.S. initiative termed Operation Economic Outcast, aimed at severing Iran’s access to international finance. Treasury Secretary Scott Bessent warned that financial institutions learn “the hard way that we are serious about Operation Economic Outcast,” according to a department statement.

Speaking earlier at a G20 finance ministers meeting in Asheville, North Carolina, Bessent indicated that Washington plans to announce further bank sanctions on a weekly basis. The action against Golden Global follows steps taken the previous week to cut off U.A.E. operations of Egypt’s second-largest bank over similar allegations involving Iranian transactions.

Background

The U.S. Treasury frequently employs secondary sanctions against foreign institutions to enforce economic isolation against designated countries and military organizations. Foreign banks placed on the Specially Designated Nationals list are typically barred from clearing U.S. dollar transactions or interacting with American commercial banks.