Story perspectives

U.S. Sanctions Golden Global Bank Over Iran Oil Transfers

9/7/2026

Summary

Bessent Sanctions Bank

Treasury Secretary Scott Bessent announced sanctions on Golden Global Yatirim Bankasi under Operation Economic Outcast.
The bank, Turkey’s 35th-largest, was targeted for moving tens of millions to the IRGC-QF.
Golden Global transferred Iran’s oil revenue from China to Turkey for cash and gold conversion.
The designation blocks U.S. correspondent banking but does not invoke a Section 311 notice.
U.S. officials warned Turkey of further sanctions if Iranian financial activity continues.

Summary

Turkey Opens Oil Route

Turkey enables oil shipments to Israel via Ceyhan port despite its embargo.
Vitol and Heritage Petroleum moved 22 million barrels, at least 16 million from Turkish ports.
14.4 million barrels shipped after Israel’s May 2 2024 trade suspension announcement.
Iraq and Turkey signed a provisional one-year deal in late July to extend the Kirkuk-Ceyhan pipeline.
Iraqi pipeline exports reached ~180,000 bpd in August, generating about $4.5 billion.

History

Historical Context

In August 1996 President Bill Clinton signed the Iran-and-Libya Sanctions Act, which penalized any foreign firm investing more than $20 million in Iran’s oil sector and led OFAC to blacklist banks such as Iran’s Bank Melli. The act’s “choke-oil” approach resurfaces today as Treasury Secretary Scott Bessent threatens to invoke Section 311 against Turkey’s Golden Global Yatirim Bankasi for moving Iran-linked revenues through Ceyhan and Istanbul.

1 of 3

Bessent Sanctions Bank

Treasury Secretary Scott Bessent announced sanctions on Golden Global Yatirim Bankasi under Operation Economic Outcast.
The bank, Turkey’s 35th-largest, was targeted for moving tens of millions to the IRGC-QF.
Golden Global transferred Iran’s oil revenue from China to Turkey for cash and gold conversion.
The designation blocks U.S. correspondent banking but does not invoke a Section 311 notice.
U.S. officials warned Turkey of further sanctions if Iranian financial activity continues.

1 / 3