US Sanctions Three Turkish Entities Over Iran Dealings

The U.S. Treasury Department has imposed sanctions on three Turkey-based entities, including Golden Global Yatirim Bankasi Anonim Sirketi, Golden Global Portfoy Yonetimi Anonim Sirketi, and Golden Global Varlik Kiralama Anonim Sirketi, for their alleged involvement in facilitating Iran's oil revenue transfers from China to Turkey. Treasury Secretary Scott Bessent announced the sanctions as part of a new effort, dubbed 'Operation Economic Outcast,' aimed at severing critical financial lifelines for the Iranian government and compelling Tehran to return to the negotiating table. A general license has been issued to permit the wind-down of transactions with these targeted firms. This action marks the first time a bank in a NATO ally has been hit under the current campaign. The administration's strategy involves implementing new secondary sanctions on a weekly basis, with an initial focus on banks involved in dealings with Iran.