U.S. Sanctions Turkish Bank Over Tens of Millions in IRGC-QF Transactions

The U.S. Treasury sanctioned Türkiye-based Golden Global Investment Bank and two Istanbul subsidiaries, saying they facilitated tens of millions of dollars in transactions for Iran’s IRGC-QF. Treasury said the bank was created to move Iranian oil revenue from China to Türkiye and provide correspondent access that converted funds into cash and gold. The designations block U.S.-held property and interests in the three entities and apply to businesses they own by 50% or more. OFAC issued a general license allowing specified wind-down transactions until September 19, with payments to sanctioned parties placed in blocked U.S. accounts.