US Sanctions Turkish Bank Accused of Providing Financial Lifeline to Iran
The Turkey-based Golden Global Bank is accused of facilitating the transfer of proceeds from Iranian oil sales to China.
TL;DR
- U.S. Treasury Department imposed new sanctions on Golden Global Yatirim Bankasi Anonim Sirketi.
- The Turkish bank is accused of providing a financial lifeline to Iran.
- Golden Global Bank allegedly operated within a shadow banking network to circumvent sanctions.
- The bank is accused of facilitating Iranian oil sales to China by handling proceeds and converting them to cash and gold.
- The sanctions are part of a U.S. initiative known as Operation Economic Outcast.