The US Treasury Department sanctioned Golden Global Bank and its subsidiaries on Friday for facilitating tens of millions of dollars in transactions for the Islamic Revolutionary Guard Corps' Quds Force. ^[1] The US Treasury Department imposed sanctions on the Golden Global Bank in Istanbul on Friday for allegedly moving funds from Chinese oil purchases to Iran's Revolutionary Guard Corps. ^[2] The U.S. Treasury Department announced sanctions on 2026-08-28 against Turkish investment bank Golden Global Bank and two subsidiaries, Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi, for allegedly facilitating funds for Iran's Quds Force. ^[3] The US Treasury Department included the Turkish bank Golden Global Bank in the list of sanctioned entities administered by the Office of Foreign Assets Control (OFAC) on 2026-04-12. ^[4] US Secretary of State Marco Rubio instructed diplomats worldwide to systematically sever ties with Iran and immediately close any Iranian bank branches. ^[5] The new sanctions are part of the administration's newly launched Operation Economic Outcast, an effort to sever Iran's remaining financial lifelines after six months of war. ^[6] The Treasury Department stated that Golden Global Bank is accused of providing the Iranian regime with correspondent banking access that allows it to move its funds internationally. ^[7] Treasury Secretary Scott Bessent called on global financial institutions to cease their support of the Iranian regime. ^[8] The Treasury alleges that the Golden Global Bank, founded in 2019, facilitated transactions worth tens of millions of dollars for the Quds Force of the IRGC and provided access to correspondent banking. ^[9] Treasury Secretary Scott Bessent stated that the sanctions are part of 'Operation Economic Marginalization' designed to inflict severe economic damage on the Iranian regime to force a peace agreement or collapse. ^[10] The sanctions are part of Operation Economic Outcast, the Trump administration's campaign to isolate Iran by sanctioning its business partners. ^[11] Treasury Secretary Scott Bessent said on 2026-08-28 that he hopes no more banks will need to be sanctioned, but that depends on the international community ceasing support of the 'murderous Iranian regime,' and warned that the U.S. will continue taking action with allies until the 'head of the Iranian snake' is buried. ^[12]