The US Treasury Department’s Office of Foreign Assets Control (OFAC) has imposed sanctions on Turkey’s Golden Global Bank and its subsidiaries over transactions for Iran’s IRGC Quds Force special unit.
This is stated in a US Treasury Department announcement.
According to the US Treasury Department, the bank and its subsidiaries provided the Iranian regime with access to correspondent banking services, enabling funds to be moved internationally.
“Financial institutions continue to learn the hard way that we take Operation ‘Economic Exile’ seriously. While we hope no further banks will need to be sanctioned, that will ultimately depend on how quickly the international community comes to its senses and stops supporting the Iranian regime. We know who you are, we know where you are, and we will continue to act together with our allies and partners until we bury the head of the Iranian snake,” said US Treasury Secretary Scott Bessent.
According to Bloomberg, Turkey’s Golden Global Bank has capital of about $34 million. The investment bank, headquartered in Istanbul, was founded in 2019.
- Last week, the US Treasury Department imposed sanctions that will cut Egypt’s Banque Misr UAE off from accounts at US financial institutions.