\n<\/p>\n
US Treasury Secretary Scott Bessent had warned earlier this week that Washington planned to sanction another financial institution as part of its efforts to intensify economic pressure on Tehran.<\/p>\n
\u201cGolden Global Yatirim Bankasi Anonim Sirketi (Golden Global Bank) and its subsidiaries facilitated transactions worth many tens of millions of dollars on behalf of\u201d Iran\u2019s Islamic Revolutionary Guard Corps (IRGC), the Treasury Department said in its announcement.<\/p>\n
The US Treasury said the bank facilitated the movement of Iranian funds to foreign destinations.<\/p>\n
Washington intensifies financial pressure on Tehran<\/span><\/em><\/p>\n Bessent is leading the economic component of President Donald Trump\u2019s campaign to pressure Iran, following instructions from the president.<\/p>\n Earlier this week, speaking at the G20 summit hosted in the United States, Bessent said the Treasury Department had targeted two banks but did not identify them.<\/p>\n The latest action follows Washington\u2019s decision last week to cut the UAE branch of Egypt\u2019s state-owned Misr Bank off from the US financial system. US authorities accused the branch of participating in financial transactions involving Iran.<\/p>\n The new sanctions form part of Washington\u2019s broader campaign to restrict Iran\u2019s access to international financial networks and increase pressure on institutions accused of supporting the Iranian government and the IRGC.<\/p>\n US companies and citizens barred from dealings<\/span><\/em><\/p>\n The sanctions prohibit US companies and American citizens from conducting business with the entities targeted by the Treasury Department.<\/p>\n The measures also create significant restrictions on the sanctioned institutions\u2019 access to the US financial system, potentially limiting their ability to conduct transactions involving US financial institutions and businesses.<\/p>\n \u00a0<\/p>\n