U.S. Sanctions Turkish Bank and Two Subsidiaries to Increase Pressure on Iran

The U.S. Treasury Department sanctioned Istanbul-based Golden Global Yatirim Bankasi and two subsidiaries, accusing them of facilitating trade between China and Iran’s Islamic Revolutionary Guard Corps Quds Force. Officials said the bank helped transfer Iranian oil revenues through Turkey, where funds could be converted into cash and gold. The sanctions cut the entities off from the dollar-based financial system. Washington called the move a warning to institutions supporting Iran, while critics questioned its effectiveness and warned of possible retaliation there.