On September 4, the Treasury designated Golden Global Yatirim Bankasi Anonim Sirketi, along with affiliates Golden Global Portfoy Yonetimi and Golden Global Varlik Kiralama, under its Iran sanctions authorities. These entities are now barred from the U.S. financial system, though a temporary license has been issued to allow for the winding down of existing transactions. Treasury Secretary Scott Bessent framed the action as a warning, stating that financial institutions facilitating the Iranian government will face severe consequences.

Regulators allege the bank functioned as a critical node in a shadow-banking network, moving oil proceeds from China through Turkey, where funds were converted into cash and gold. The bank reportedly provided correspondent-banking access to accounts tied to the IRGC-QF and individuals previously sanctioned for illicit oil sales, including businessman Sitki Ayan. Despite these accusations, Golden Global Yatirim Bankasi denied any wrongdoing, maintaining that it adheres to all local and international compliance standards.

Analysts view the designation as a strategic attempt to force regional banks to weigh the risks of Iranian business against their access to Western markets. While the move serves as a deterrent to other institutions in Turkey and beyond, experts remain skeptical that such targeted de-risking will fundamentally cripple the Iranian economy. The focus remains on pressuring G7 correspondent banks to tighten oversight of their foreign partners, effectively squeezing the channels Iran uses to bypass international restrictions.