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The United States imposed sanctions on a Turkish investment bank and two subsidiaries on Friday, accusing them of helping Iran move oil revenues and access the international financial system.

The Treasury Department identified the targets as Istanbul-based Golden Global Yatirim Bankasi Anonim Sirketi, asset manager Golden Global Portfoy Yonetimi Anonim Sirketi and asset leasing company Golden Global Varlik Kiralama Anonim Sirketi. All three were added to the Treasury’s Specially Designated Nationals list, cutting them off from the dollar-based financial system. Treasury also issued a general license allowing transactions with the entities to wind down.

Treasury alleged that Golden Global was established to help Iran’s shadow banking network transfer oil revenues from China to Turkey, where money exchangers could convert the funds into cash and gold. It also said the bank knowingly offered correspondent banking services to Iranian financial institutions, enabling transactions through accounts controlled by the Islamic Revolutionary Guard Corps Qods Force and its proxies.

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code for you are out of business

In an interview with America’s Voice News, Treasury Secretary Scott Bessent described the latest action as “code for you are out of business.” He added, “And we will probably sanction another bank next week, and we are telling the financial system bad actors: ‘We know who you are, you know who you are, it’s over, and our allies are helping with this.’”

Golden Global Yatrim Bankasi is Turkey’s 35th-largest bank by total assets, according to TheBanks.EU, with assets of 25,024.68 million Turkish lira, or $516.63 million, in 2025. The bank did not immediately respond to a request for comment. The action follows US restrictions targeting Banque Misr branches in the United Arab Emirates over dealings with Iran, though those measures stopped short of full sanctions on the Egyptian bank.

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And we will probably sanction another bank next week, and we are telling the financial system bad actors: ‘We know who you are, you know who you are, it’s over, and our allies are helping with this.’