Bessent’s Iran sanctions push draws early warnings
The U.S. Treasury on Friday sanctioned Golden Global Yatirim Bankasi Anonim Sirketi, a Turkish bank that the department described as a “critical financial lifeline” for the Iranian government. The designation extends “Operation Economic Outcast,” the sanctions campaign Bessent unveiled nearly a week ago and framed as an effort to sever Iran’s remaining financial ties to the global economy.
The Treasury had taken similar action against an Egyptian bank’s operations in the United Arab Emirates the week before, also under the campaign framework. With the Turkish bank addition, the Treasury has now designated financial institutions in two third countries as part of the broader effort.
In the days since Bessent announced the campaign, the Trump administration has renewed military strikes against Iran, according to The Associated Press. Iranian retaliation has followed, the AP reported, and the United States has been at war with Iran for more than six months.
The AP, reporting Friday, characterized the isolation campaign as having “already fallen flat.” According to the AP, Bessent’s “Economic D-Day” pledges have given way to warnings and negotiations with Iran’s trading partners. The wire service’s Friday report described the administration as having “struggled to end a war” with an “intransigent Iranian government.”