How the U.S. Is Targeting Iran's Oil Money
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We provide what many… The United States has imposed sanctions on a Turkish investment bank and two subsidiaries, accusing them of helping Iran move oil revenue and providing access to the international financial system as Washington intensifies its campaign to squeeze Tehran.
The US Treasury Department on September 4 designated Istanbul-based Golden Global Yatirim Bankasi Anonim Sirketi, along with Golden Global Portfoy Yonetimi and Golden Global Varlik Kiralama, under its Iran sanctions authorities.
The three entities were added to the Treasury'sSpecially Designated Nationalslist, effectively cutting them off from the US financial system.
Treasury also issued a general license allowing transactions involving the entities to be wound down.
The action is part of the Trump administration's newly intensified Operation Economic Outcast, which Treasury Secretary Scott Bessent has said will target financial institutions and other channels that help Iran generate and move revenue.
Bessent said financial institutions were continuing to "find out the hard way" that Washington was serious about the campaign.
He warned that further action would depend on whether international institutions stopped supporting what he called the "murderous Iranian regime." The Treasury said Golden Global Bank had facilitated tens of millions of dollars in transactions for the Islamic Revolutionary Guard Corps-Quds Force (IRGC-QF) and provided correspondent-banking access that enabled Iranian funds to move internationally.
Golden Global Yat?r?m Bankas? rejected the US allegations and said it has complied with local and international banking and compliance requirements The significance of the action may lie less in Golden Global's size than in the role Treasury says it played in Iran's sanctions-evasion network.
According to Treasury, the bank was established to help Iran's "rahbar" shadow-banking network transfer oil revenue from China to Turkey, where the proceeds could then be converted into cash and gold.
Treasury also said the bank provided services to Iranian financial institutions and accounts controlled by the IRGC-QF and its proxies, including those linked to Turkish businessman Sitki Ayan, whose network was sanctioned by Washington in 2022 over hundreds of millions of dollars in IRGC-QF-related oil sales.
That makes the Turkish bank an example of the kind of intermediary Washington is increasingly targeting: not necessarily the ultimate source of Iran's oil income, but a financial hub that can help move, disguise, or convert the proceeds.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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