The U.S. Treasury announced Friday that it has imposed sanctions on three Turkey-based entities, including Golden Global Yatirim Bankasi Anonim Sirketi, to sever critical financial lifelines for the Iranian government. The Treasury Department accused the small Turkish firm and its entities of being established to enable Iran to transfer oil revenues from China to Turkey, where they could then be converted to cash and gold.
The actions are part of Operation Economic Outcast, a new effort by Treasury Secretary Scott Bessent to isolate Iran from its remaining global trade partners and force Tehran to capitulate after more than six months of war. Last week, the U.S. also targeted the operations of an Egyptian bank in the United Arab Emirates.
President Donald Trump described the sanctions plan as an economic D-Day, but the initiative has had a muted start with few steps taken to implement it. Promises of a decisive economic blow have largely turned into warnings and negotiations with Iran's trading partners.
At the same time, the Trump administration has resumed military strikes in recent days, leading to Iranian retaliation and renewed concerns of an all-out regional war. It remains unclear what the outcome of this two-pronged strategy will be as the administration struggles to end the conflict with an intransigent Iranian government.