The United States imposed sanctions Friday on Turkish bank Golden Global Yatirim Bankasi Anonim Sirketi, accused of being established to enable Iran to transfer oil revenues from China to Turkey, where they could be converted to cash and gold. This measure is part of « Operation Economic Outcast, » the Trump administration’s new plan to isolate Iran from its remaining trading partners. U.S. Treasury Secretary Scott Bessent warned that financial institutions linked to Iran will continue to face sanctions as long as the international community does not cease its support for the Iranian regime. The announcement came a day after Turkish state-owned bank Halkbank reached a settlement with the U.S. Justice Department in a nine-year case involving the illicit transfer of approximately $20 billion in Iranian oil revenues.
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