US sanctions a Turkish bank and two affiliates over transfers of Iran's oil revenue from China

The US Treasury Department on Friday, September 11, 2026 (20 Shahrivar 1405) sanctioned Istanbul based investment bank Golden Global Yatirim Bankasi along with two affiliated firms, asset manager Golden Global Portfoy Yonetimi and asset leasing company Golden Global Varlik Kiralama. According to the US Treasury, the three entities were part of a shadow banking network that helped transfer Iran's oil revenue from China to Turkey and then convert it into cash and gold through exchange houses.

According to a report by Ecoiran, Golden Global, with about 516.6 million dollars in assets in 2025, ranks as Turkey's 35th largest bank, but this marks the first time in the current sanctions campaign that a bank in a NATO member country has been directly targeted by US sanctions. Turkish Finance Minister Mehmet Simsek said Ankara has taken note of Washington's recent announcement and has asked the country's financial and economic actors to fully comply with national regulations. Golden Global has denied the allegations, saying it has fully complied with domestic and international rules.