On
September 4, the U.S. Treasury sanctioned Istanbul-based Golden Global Bank and
two subsidiaries for moving tens of millions in Iranian oil revenues to the IRGC-Qods
Force.
The bank, set up to shift funds from China to Turkey for conversion into cash and gold, now faces blocked U.S. dealings and secondary sanction risks for others.
Treasury Secretary Scott Bessent's Operation Economic Outcast gained EU support after G20 talks, aiming to sever Iran's remaining economic lifelines amid its nuclear and regional activities.