The US Treasury Department sanctioned Turkiye-based Golden Global Bank and two subsidiaries on September 4, 2026, over allegations that they facilitated tens of millions of dollars in transactions for Iran’s Islamic Revolutionary Guard Corps-Quds Force (IRGC-QF).
The measures, imposed by the Treasury’s Office of Foreign Assets Control (OFAC), target Golden Global Yatirim Bankasi Anonim Sirketi and its Istanbul-based subsidiaries, Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi.
The Treasury said Golden Global provided Iran with access to international correspondent banking channels. It also accused the bank of helping transfer oil revenues from China to Turkiye, where they were converted into cash and gold.
According to the Treasury, the bank processed transactions through accounts controlled by the IRGC-QF and affiliated networks. Those networks included Turkish businessman Sitki Ayan and his companies.
Ayan was designated by the US in 2022 over allegations that his network facilitated hundreds of millions of dollars in oil sales on behalf of the Iranian force. The Treasury’s latest action identifies Golden Global as a financial channel linked to that wider network.
Under the restrictions, any US-based assets belonging to the designated entities are frozen. Transactions involving the designated entities are generally prohibited.
Foreign banks that conduct significant business with the targets could also face limits on access to the American financial system. That threat extends the practical reach of the measures beyond US institutions by placing pressure on overseas banks that may handle transactions connected to the designated entities.
The action forms part of a wider US campaign aimed at Iranian revenue streams, oil transactions, sanctions-evasion networks and financial channels. The campaign was launched on August 24.
The Treasury’s allegations focus on Golden Global’s role in moving oil revenue, enabling correspondent banking access and processing transactions through accounts tied to the IRGC-QF and its affiliates.
It is also unclear how long Golden Global is alleged to have facilitated Iran’s financial activities, whether other Turkish or third-country banks are under investigation, and how foreign financial institutions will respond to the new restrictions. The identities and roles of other actors in the affiliated networks beyond Ayan have not been specified.
Comments (0)