The U.S. Department of the Treasury on Friday sanctioned Turkiye-based Golden Global Bank and two of its subsidiaries over their role in facilitating financial transactions for Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF).

Axar.az reports, citing the Treasury, that Golden Global Bank had facilitated tens of millions of dollars in transactions for the IRGC-QF and provided Iranian financial institutions with correspondent banking access, enabling the transfer of funds internationally.

The bank was also accused of helping Iran transfer oil revenues from China to Turkiye, where the funds could be converted into cash and gold, according to the Treasury.

The two subsidiaries designated alongside the bank are Istanbul-based Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi.

Treasury Secretary Scott Bessent said the measures were part of Operation Economic Outcast, aimed at cutting off the Iranian regime’s remaining financial lifelines.