$517M TURKISH BANK HIT BY U.S. SANCTIONS OVER IRAN CASH

🚨 A Turkish bank with roughly $517 million in assets is now the second institution sanctioned under Washington's Iran campaign.

CNBC reports the Treasury Department on Friday hit Golden Global Yatirim Bankasi and two subsidiaries, accusing them of facilitating funds for the Quds Force, the expeditionary arm of Iran's Revolutionary Guard Corps.

Treasury alleges the bank was established specifically to move Iranian oil revenues out of China and into Turkey, where money exchangers could convert them into cash and gold. It says the firms handled tens of millions of dollars in transactions and knowingly offered correspondent banking services to Iranian financial institutions.

Golden Global is Turkey's 35th-largest bank. It did not immediately respond to CNBC's request for comment.

The scale is the story. Trump billed "Operation Economic Outcast" as an "economic D-Day" of unprecedented intensity when it launched Aug. 24. Since then, per CNBC, Treasury has sanctioned the UAE branch of an Egyptian bank and now a small Turkish investment bank.

China, Iran's largest trading partner and top oil buyer, has not been touched. Treasury Secretary Scott Bessent says Beijing is not exempt, but has pushed back on the idea that the plan only works with China on board. Trump is set to meet Xi Jinping later this month.

Bessent's line: "While we hope no more banks will need to be sanctioned, that ultimately depends on how quickly the international community comes to its senses."

The EU formally joined the campaign this week.

📉 Does a sanctions campaign mean anything if the biggest oil buyer never gets named?

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