US Imposes Sanctions on Golden Global Investment Bank

The US Department of the Treasury has added Golden Global Investment Bank, Golden Global Portfolio Management, and Golden Global Asset Leasing to its sanctions list, citing their involvement in financial transactions related to Iran's oil trade with China. These three entities have been included in the US Specially Designated Nationals and Blocked Persons List (SDN). The sanctions stem from their alleged role in a financial network that enabled Iran to convert oil revenues from China into cash or gold via Turkey. Experts note that no action has been taken against China, which imports over 90% of Iran's oil. US Ambassador to Ankara, Tom Barrack, emphasized that the sanctions decision does not target Turkey or the Turkish banking system. Barrack stated that the sanctions are directed at specific financial institutions allegedly involved in transferring funds on behalf of Iran's Islamic Revolutionary Guard Corps Quds Force. Golden Global Investment Bank has denied OFAC's allegations, stating that the individuals and entities named in the sanctions decision are not their clients and that they have not conducted any transactions with these parties. This decision follows US Treasury Secretary Scott Bessent's announcement this week of impending action against a new group of banks. This is not investment advice.