U.S. Sanctions Turkish Bank and Two Units Over Alleged Iran Finance Links

The U.S. Treasury designated Istanbul-based Golden Global Yatirim Bankasi and two subsidiaries under Executive Order 13902 on Friday. Treasury alleged the bank enabled Iranian oil revenue to move from China to Turkey for conversion into cash and gold, and facilitated tens of millions of dollars in transactions for Iran’s Islamic Revolutionary Guard Corps-Quds Force. The action blocks covered property under U.S. jurisdiction and generally bars transactions involving U.S. persons. Golden Global denied conducting the alleged transactions or having the named parties as customers, and said it would challenge the decision.