The US Treasury Department announced sanctions on the Golden Global Investment Bank, a Turkish firm with a capital of about $34 million, as part of 'Operation Economic Outcast'. ^[1] The US Treasury Department sanctioned Golden Global Investment Bank and two subsidiaries, Golden Global Portfolio Management and Golden Global Asset Leasing, for alleged involvement in Iran-related financial transactions. ^[2] The US Treasury alleged that the bank was established to enable Iran's leadership network to transfer oil revenues from China to Turkey for conversion to cash and gold. ^[3] The US Treasury alleged that the Golden Global Bank facilitated tens of millions of dollars' worth of transactions for the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). ^[4] The US Treasury stated that the Golden Global Bank provided Iran with key correspondent banking access that allows it to move its funds internationally. ^[5] The sanctioned entities face severe restrictions regarding transactions connected to the US financial system. ^[6] The sanctioned entities were added to the US Treasury's Specially Designated Nationals (SDN) list. ^[7] The US government alleges that the entities facilitated illegal financial transactions between China and the Iranian Revolutionary Guards' Quds Force. ^[8]