US sanctions Turkish bank as Iran financial crackdown widens

September 5, 2026 - 03:59

The United States imposed sanctions on Friday against Turkey's Golden Global Bank and two of its subsidiaries, accusing them of facilitating financial transactions for Iran. The move marks a significant escalation in Washington's ongoing efforts to disrupt Tehran's access to the international banking system and curb its ability to move money across borders.

Officials stated that the bank allegedly provided services that allowed Iranian entities to bypass existing restrictions, effectively giving them a financial lifeline. The action targets the bank's core operations, freezing its access to the U.S. financial system and prohibiting American citizens and companies from doing business with it. The subsidiaries named in the action were also placed under the same restrictions.

This latest step is part of a broader strategy by the U.S. Treasury to target foreign financial institutions that are seen as complicit in helping Iran evade sanctions. The pressure campaign has intensified in recent months, with authorities warning that any bank found to be processing significant transactions for sanctioned Iranian entities will face severe consequences.

The sanctions come at a time of heightened tension between Washington and Tehran over a range of issues, including Iran's nuclear program and its support for regional proxies. While the Turkish government has not yet issued an official response, the move is likely to strain relations between Ankara and Washington, which have already been complicated by differing views on regional security and economic policy. The action signals that the U.S. is willing to target even allied nations' financial institutions to enforce its sanctions regime.