Golden Global's First Response to U.S. Sanctions Linked to Iran

Golden Global responded to the U.S. sanctions linked to Iran by stating it has met all requirements regarding local and international banking rules and compliance standards, emphasizing that the individuals and entities listed in the U.S. Office of Foreign Assets Control (OFAC) decision are not customers of the bank and no direct or indirect commercial transactions have taken place with them.

The targeted entities will appeal

The Turkish bank stated it will take necessary actions and resort to legal means to challenge the decision according to local and international regulations.

The U.S. Department of the Treasury imposed new sanctions related to Iran on a small Turkish investment bank and two affiliated companies, as part of President Donald Trump’s administration efforts to increase economic pressure on Tehran.

The U.S. Treasury’s Office of Foreign Assets Control stated the targeted entities are Golden Global Investment Portfolio Management Company, Golden Global Limited Asset Leasing Company, and Golden Global Investment Bank.

Isolated from the financial system

The Treasury listed the three entities on the OFAC blacklist, meaning they are now isolated from the dollar-based financial system.

The department also issued a general license allowing for the gradual winding down of transactions with the sanctioned entities.

U.S. Treasury Secretary Scott Bessent said in an interview with Americas Voice News that the latest move "means you can no longer continue your business activities."

He added, "We are likely to impose sanctions on another bank next week, and we are telling bad actors in the financial system: We know who you are, and you know yourselves—this is over, and our allies are helping us with this."

According to the database The Banks dot E.U., Golden Global Investment Bank ranks 35th among Turkey’s largest banks by total assets, which reached 25,024.68 million Turkish Lira (516.63 million USD) in 2025.

Treasury: Bank a conduit for Iranian oil revenues

The Treasury stated in a press release that the Golden Global group was established to enable Iran’s shadow banking network to transfer oil revenues from China to Turkey, where they could then be converted into cash and gold through foreign exchange companies.

The department added it learned the group offered correspondent banking services to Iranian financial institutions, enabling transactions through accounts controlled by Iran’s Quds Force and its proxies.

This action marks the latest step in Trump’s administration campaign to economically pressure Tehran, six months after the start of Washington’s conflict with Iran, which pushed energy prices higher.

Bessent, who announced last month a "economic war" against Iran, said Washington aims to force Tehran back to the negotiating table.

Weekly sanctions

Bessent told Reuters on Sunday that new secondary sanctions are expected to be announced weekly, initially focusing on banks, as part of a broader campaign to intensify economic pressure on Iran.

Bret Erickson, sanctions expert and senior managing director at Obsidian Risk Advisors, questioned the effectiveness of this move, noting it might provoke retaliation from Tehran.

He added, "Imposing sanctions on Golden Global may slightly increase pressure on Iran, but harming Iran and changing the outcome of this war are entirely different things."

He continued, "If this pressure fails to visibly alter Iran’s economic trajectory in the war, Washington may simply be provoking the bear and challenging Iran to respond in ways that could cause even greater damage to the global economy."