Ankara: Today, as part of Operation Economic Outcast, the U.S. Department of the Treasury severed the Iranian regime's critical financial lifelines in Trkiye. The Office of Foreign Assets Control (OFAC) designated Trkiye-based financial institution Golden Global Yatirim Bankasi Anonim Sirketi (Golden Global Bank) and its subsidiaries, which have facilitated tens of millions of dollars worth of transactions for the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and provide the Iranian regime with key correspondent banking access that allows it to move its funds internationally. According to U.S. Department of the Treasury, this action is being taken pursuant to E.O. 13902, which targets certain sectors of the Iranian economy, including Iran's financial sector. Financial institutions continue to discover the serious implications of Operation Economic Outcast. Secretary of the Treasury Scott Bessent emphasized that the U.S. hopes no more banks will need to be sanctioned, while warning that continued sup port of the Iranian regime will trigger further actions. The effort aims to eliminate the financial networks that Iran uses to smuggle oil, evade sanctions, and fund terror. Operation Economic Outcast, announced on August 24, 2026, expands sanctions risks for entities choosing to do business with Iran. The Treasury has warned against facilitating money laundering or sanctions evasion for Iran, risking disconnection from the U.S. financial system. The operation intensifies secondary sanctions exposure and accelerates U.S. enforcement pace. Iran relies on multi-jurisdictional shadow banking networks for revenue generation and fund transfers, which Operation Economic Outcast continues to dismantle. The targeted Golden Global Bank was established to enable Iran's rahbar network to transfer oil revenues from China to Trkiye, converting them to cash and gold. The bank has provided correspondent banking services to Iranian financial institutions, facilitating transactions for the IRGC-QF and its proxies. The desig nation of Golden Global Bank and its subsidiaries, Istanbul-based Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi, is pursuant to E.O. 13902 for their role in Iran's financial sector. As a result, all property and interests in property of the designated persons in the U.S. or controlled by U.S. persons are blocked. Transactions involving these blocked persons are prohibited unless authorized by OFAC. Violations of U.S. sanctions may lead to civil or criminal penalties. OFAC's enforcement guidelines and whistleblower incentive program provide further details on sanctions enforcement and reporting. Engaging with designated persons may risk secondary sanctions on foreign financial institutions. OFAC can impose conditions on accounts of foreign banks conducting significant transactions for designated persons. The objective of sanctions is not punishment but to encourage positive behavioral changes. For removal from an OFAC list, OFAC provides guidance on filing pet itions for removal.