US sanctions Turkish bank it calls a financial lifeline for Iran

The US Treasury sanctioned Golden Global Yatırım Bankası and two subsidiaries, accusing them of moving Iranian oil revenue from China through Turkey and converting it into cash and gold. Officials said the small Istanbul investment bank, which the US calls a “financial lifeline” for Iran, knowingly served Iranian financial entities already under US sanctions. Treasury Secretary Scott Bessent called it part of “Operation Economic Outcast,” Washington's campaign to cut Tehran off from its remaining trading partners.

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