The U.S. Is Seeking To Cut Iran Off From The Global Financial System. It Is Targeting A Turkish Bank To Do So.

Golden Global Yatirim Bankasi was sanctioned by the U.S. Treasury over allegations that the Turkish bank helped facilitate transactions linked to Iran's Revolutionary Guard and move proceeds from Iranian oil sales. (Credit: AFP)

The Trump administration sanctioned a Turkish bank and two of its subsidiaries Friday, widening an economic campaign against Iran that is increasingly targeting financial institutions outside the country over their alleged role in moving Iranian money through the international banking system.

The Treasury Department's Office of Foreign Assets Control designated Golden Global Yatirim Bankasi Anonim Sirketi, or Golden Global Bank, accusing the Turkey-based institution of facilitating tens of millions of dollars in transactions for Iran's Islamic Revolutionary Guard Corps-Quds Force. Two Istanbul-based subsidiaries, Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi, were also sanctioned, The Associated Press reported Friday.