US Sanctions Turkish Bank Over Alleged Transfer of Iranian Oil Revenue

The United States has sanctioned a Turkish investment bank and two of its affiliated companies over allegations of transferring Iranian oil revenue. This decision aims to target the alleged route of transferring money from China to Turkey and converting it into cash and gold, which could increase banks' oversight and restrictions on transactions related to Iran. The U.S. Department of the Treasury has placed Golden Global Investment Bank and its affiliated companies on the sanctions list. This sanction cuts off these three Turkish entities' access to the dollar-based financial system, but their trading partners will have a limited opportunity to settle and conclude previous transactions. Washington claims that the Turkish bank assisted in transferring revenue from the sale of Iranian oil from China and converting it into cash and gold through the Quds Force's financial network. Golden Global has denied these allegations, stating that it complies with Turkish banking requirements and international regulations. Experts believe that foreign institutions dealing with the sanctioned bank may also face restrictions, which could increase regional banks' caution in settlements related to Iran. The immediate effect of this sanction could be a harder access to dollar channels and increased sensitivity of the domestic gold and Tether markets to sanction news.