The U.S. Treasury Department announced sanctions on Friday against Golden Global Bank and two of its subsidiaries, accusing the Turkish institution of facilitating funds for an arm of Iran’s Revolutionary Guard. The move marks the second financial institution targeted under “Operation Economic Outcast,” the Trump administration’s campaign to isolate Tehran by penalizing its business partners.
Treasury Secretary Scott Bessent emphasized that while the administration hopes to avoid additional bank penalties, the outcome depends on global cooperation. “We know who you are, we know where you are, and we will continue to take action together with our allies and partners until we have buried the head of the Iranian snake,” Bessent said in a statement. He added that further sanctions hinge on how quickly the international community ceases support for what he described as a murderous regime. Golden Global Bank did not immediately respond to requests for comment.
President Donald Trump has promoted the sanctions initiative as an “economic D-Day” of unprecedented scale, yet the Treasury has executed few actions since the operation launched on Aug. 24. Notably, the U.S. has not yet taken tangible steps against China, Iran’s largest trading partner and top oil buyer. Although Bessent maintains that Beijing is not exempt from potential penalties, he has resisted the notion that the strategy fails without Chinese involvement.
Some geopolitical experts remain skeptical that Washington will risk destabilizing its fragile relationship with China, particularly ahead of President Trump’s scheduled meeting with Chinese President Xi Jinping later this month.
Finally, some teeth in the economic D-Day. But why no action against China yet?
Sanctioning a Turkish bank is bold. Bessent’s right that global cooperation is key, but will it hold?
Skeptical. The US won’t really risk destabilizing ties with Beijing before Xi’s meeting. Hope springs eternal.