U.S. sanctions Turkish bank accused of enabling Iran as Bessent says he 'hopes for' no further bank penalties
President Donald Trump hyped the sanctions plan as "economic D-Day" against Iran, but the U.S. has so far taken few steps to implement it.
TL;DR
- The U.S. Treasury Department sanctioned Golden Global Bank and two subsidiaries in Turkey.
- The bank is accused of facilitating funds for Iran's Revolutionary Guard and its Quds Force.
- This is the second financial institution targeted under "Operation Economic Outcast."
- Treasury Secretary Scott Bessent stated further sanctions depend on international community's support for Iran.
- The sanctions are part of the Trump administration's effort to isolate Iran.
- Golden Global Bank was allegedly used to transfer oil revenues from China to Turkey for conversion to cash and gold.
- The European Union has formally joined the "Operation Economic Outcast" campaign.