U.S. Treasury sanctions Turkish bank targeting Iran’s oil cash-out covert channels, Bensent hints at further action next week, experts call it just “marginal pressure”

The Trump administration is launching an "economic offensive" against Iran.

On Friday, the U.S. Treasury Department announced sanctions on Turkish investment bank Golden Global and its two subsidiaries, accusing them of serving as a key transit hub for Iran's shadow banking network, facilitating the transfer of Iranian oil revenues to Turkey and converting them into cash and gold.

U.S. Treasury Secretary Adeyemo immediately issued a warning, saying "another bank could be sanctioned next week," and sent a message to bad actors in the global financial system: "We know who you are. And you know it too—it's all over." These sanctions place the three entities on the Treasury’s “blacklist”—the Office of Foreign Assets Control (OFAC) Specially Designated Nationals list—effectively cutting them off from the U.S. dollar financial system.

The scope of these sanctions extends from Iran to Turkish financial institutions, marking a comprehensive expansion of the U.S.'s financial blockade against Iran to third-country intermediaries, posing potential risks to the Turkish banking sector and lira assets.

Details of the Accusation: Oil Revenue Transfer Chain

According to reports, the U.S. Treasury Department stated that Golden Global investment bank, or Golden Global Yatirim Bankasi Anonim Sirketi, specifically serves Iran’s shadow banking network by moving Iranian oil revenue to Turkey, where currency exchangers convert it into cash and gold.

The Treasury further alleges that Golden Global acted knowingly, proactively providing correspondent banking services to Iranian financial institutions, enabling funds to flow through accounts controlled by the Islamic Revolutionary Guard Corps Quds Force and its proxies.

The three sanctioned entities are: Istanbul-based Golden Global Yatirim Bankasi Anonim Sirketi (the investment bank), asset management firm Golden Global Portfoy Yonetimi Anonim Sirketi, and leasing company Golden Global Varlik Kiralama Anonim Sirketi.

All three have been added to the OFAC Specially Designated Nationals list and cut off from dollar settlement channels. The Treasury also issued a general license permitting related parties to settle existing transactions with these entities in an orderly manner during a transition period.

According to data from TheBanks.EU, Golden Global investment bank is Turkey’s 35th largest bank by assets, with total assets of around 25.025 billion Turkish lira (approximately $517 million) as of 2025. The bank had not responded to a request for comment at press time.

Adeyemo’s Warning: Weekly Sanctions May Become Routine

In interviews with U.S. media, Adeyemo took a tough tone, describing the sanctions as a "signal to shut down your business." He further told Reuters that the Treasury could roll out new secondary sanctions each week, initially focusing on the banking sector, as part of a broader campaign to ramp up pressure on Iran.

Last month, Adeyemo announced an "economic offensive" against Iran’s global financial network, making clear that Washington's goal is to force Tehran back to the negotiating table.

Last week, the U.S. government invoked provisions under the Patriot Act to restrict Banque Misr’s UAE branches from participating in dollar transactions due to ties with Iran. However, this did not amount to full OFAC sanctions and did not affect Banque Misr’s headquarters or other regional branches. The sanctions against Golden Global are notably harsher, described by Adeyemo as "being out of the game."

Geopolitical Signal: Third-Country Financial Intermediaries Become New Targets

The deeper significance of these sanctions is that the U.S. is extending its financial blockade against Iran beyond Iran itself, with Turkish financial institutions as the first new targets. This development serves as a direct warning to Turkey's banking sector—any institution with financial ties to Iran risks being added to the OFAC list and losing access to dollar clearing.

Currently, military conflict between the U.S. and Iran has persisted for six months, driving up global energy prices. Against this backdrop, Adeyemo’s "ally assistance" remarks also signal that the U.S. is seeking to build a broader, multilateral sanctions coordination mechanism.

The Turkish government has yet to issue a public statement on these sanctions. Given Turkey's long-standing economic relations with Iran and its complex relationship with the U.S. within the NATO framework, Ankara’s next moves will be closely watched by the markets.

Market and Policy Effectiveness in Question

Sanctions expert and Obsidian Risk Advisors Managing Director Brett Erickson has questioned the real impact of these actions. He says that sanctioning Golden Global will only “marginally increase pressure on Iran” and warns that it may provoke retaliation from the Iranian government.

"Hurting Iran and changing the course of this war are two very different things," Erickson said. "If this kind of pressure does not substantially change the economic trajectory of the conflict, Washington may only be stirring up a hornet’s nest, potentially motivating Iran to retaliate in ways that could inflict greater damage on the global economy."

For investors, Adeyemo's remarks about “weekly sanctions” indicate that related uncertainty will persist. Turkish lira assets and financial institutions with business ties to Iran will face higher compliance scrutiny and market volatility risks in the short term.