U.S. sanctions Turkish bank, accusing it of helping Iran transfer oil revenue from China to Turkey

The actions against Golden Global Yatirim Bankasi Anonim Sirketi come after Treasury Secretary Scott Bessent last week launched “Operation Economic Outcast,” Washington’s new effort to isolate already heavily sanctioned Iran from its remaining trading partners to try to get it to capitulate to U.S. demands after more than six months of war. The Treasury Department accused the Turkish bank and its entities of being established to enable Iran’s efforts to transfer oil revenues from China to Turkey, where they could then be converted to cash and gold. It also said the institution “knowingly offered” banking services to Iranian financial entities,…