US SANCTIONS TURKISH BANK AND IT IS FIGHTING BACK
The US Treasury has sanctioned Turkey’s Golden Global Bank. They accuse it of moving Iranian oil money from China to Turkey, where it was turned into cash and gold.
Treasury Secretary Scott Bessent says this is part of Operation Economic Outcast. He threatened: We know who you are, we know where you are, and we will continue to take action … until we have buried the head of the Iranian snake.
The bank has a market share of less than a tenth of a percent. It has around 517 million dollars in assets. The US is cutting off a relatively small player.
Bessent is already threatening to sanction another bank next week. The US is sanctioning its NATO ally Turkey, a country with which it is supposed to have a strategic partnership.
Golden Global says the US allegations are unfounded. The bank says it complied with all domestic and international banking rules. It is vowing to take legal action.
Is this really the best America can do against Iran, or is it just embarrassing itself by sanctioning a bank with half a billion dollars in assets.