The US Treasury Department announced sanctions Friday against a Turkish investment bank and two of its subsidiaries, accusing them of helping Iran transfer tens of millions of dollars internationally on behalf of the Islamic Revolutionary Guard Corps-Quds Force (IRGC-QF).
Treasury designated Istanbul-based Golden Global Yatirim Bankasi Anonim Sirketi, known as Golden Global Bank, alleging that the bank provided Iran with important correspondent banking access and facilitated transactions for the IRGC-QF, the IRGC's foreign-operations arm.
According to the department, Golden Global Bank was created to assist Iran's so-called rahbar network in moving oil proceeds from China to Turkey. The funds could then be converted into cash and gold through rahbar money exchangers.
Treasury Secretary Scott Bessent said the sanctions demonstrate Washington's determination to disrupt Iran's financial networks.
He added that “financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast," a reference to the Trump administration's campaign to disrupt channels Iran uses to smuggle oil, circumvent sanctions and finance terrorist proxies.
“While we hope no more banks will need to be sanctioned, that ultimately depends on how quickly the international community comes to its senses and ceases support of the murderous Iranian regime," Bessent said. “We know who you are, we know where you are and we will continue to take action together with our allies and partners until we have buried the head of the Iranian snake."
Treasury alleged that Golden Global knowingly offered correspondent banking services to Iranian financial institutions, enabling transactions through accounts controlled by the IRGC-QF and affiliated proxies.
Among the accounts were those connected to Turkish businessman Sitki Ayan and companies associated with him. The US sanctioned Ayan and his businesses in 2022, accusing them of facilitating hundreds of millions of dollars in Iranian oil sales for the IRGC-QF.
The Treasury Department also imposed sanctions on two Golden Global Bank subsidiaries based in Turkey: Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi.
The department said Iran uses multinational shadow-banking networks to transfer funds abroad and obtain access to US dollar correspondent banking relationships. According to Treasury, such networks enable Tehran to launder money, acquire weapons and finance regional terrorist proxy organizations.
The latest measures follow Bessent's official announcement last week launching “Operation Economic Outcast".
In a CNBC interview Monday, Bessent said the objective of the campaign was to pressure Tehran into returning to negotiations rather than pursue regime change.
"The goal here is to create the conditions that they will want to come to the table. And the President’s been very clear. They have to give up their nuclear program. They have to turn over the highly enriched uranium, and they have to stop their support of proxies, and the strait has to be open," he said.
A day later, Bessent said that Washington would continue increasing economic pressure on Iran until its government reaches a peace agreement with President Donald Trump, including through measures targeting IRGC-linked assets abroad.
“We are going to economically asphyxiate this regime," Bessent stated during a discussion moderated by economist and Fox Business Network host Larry Kudlow.
“My job is to make sure that they want to have a deal, and they will want to have one," he added.
Bessent also said Treasury had located assets connected to the IRGC and warned that Washington planned to target them.
“We are tracking down the IRGC’s assets, and I will say it on worldwide TV, just so you know: We know where in the British Virgin Islands your accounts are at these trust companies," he stated.
“We know the $100 million houses you have around the world. We are going to freeze those. We are going to our partners. We are going to close all that down."
Bessent specifically cited offshore accounts and expensive properties, including holdings in the British Virgin Islands and “$100 million houses." The reference appears to concern allegations involving Supreme Leader Mojtaba Khamenei's reported $130 million portfolio of real estate in London.
(Arutz Sheva-Israel National News' North American desk is keeping you updated until the start of Shabbat in New York. The time posted automatically on all Israel National News articles, however, is Israeli time.)