US imposes sanctions on Turkish bank, prompting legal threat

US sanctions Turkish bank over alleged IRGC ties, accusing it of facilitating millions in transactions for Iran.The United States Treasury Department has imposed sanctions on a Turkish bank and its subsidiaries over alleged ties to Iran, as Washington seeks to economically isolate Tehran.The Treasury Department accused Golden Global Yatirim Bankasi Anonim Sirketi (Golden Global Bank) on Friday of facilitating “tens of millions of dollars’ worth of transactions for the Islamic Revolutionary Guard Corps-Qods Force” and providing the Iranian government with banking access to move its funds internationally.Recommended Stories list of 4 itemslist 1 of 4Iran, US exchange new attacks: Who was hit in latest strikes?list 2 of 4China’s support for Iran shows its limits as US ramps up pressure on Tehranlist 3 of 4ICC leaders condemn efforts to erode international legal orderlist 4 of 4Iran war: Why US midterms could be a pivotal momentend of listWashington alleged the bank “was established for the purpose of enabling Iran’s rahbar network [Shadow Banking System] to transfer oil revenues from China to Turkey” using gold and cash.Golden Global Bank responded on Friday, saying it fulfilled all local and international banking compliance rules and would take legal action against the US-imposed sanctions.There are no transactions conducted by Golden Global Bank that could substantiate the claims made by the US, the bank said in a news release.“We will exercise all our rights of objection and legal recourse in the most effective manner and will take the necessary actions at the earliest against these allegations and the decision,” the Turkish bank added.“Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast,” said Secretary of the Treasury Scott Bessent in a statement published by the department on Friday.The sanctions place the bank and its two subsidiaries on the US Office of Foreign Assets Control (OFAC)’s Specially Designated Nationals list, cutting off access to the US financial system.