The United States sanctioned Golden Global Investment Bank, a relatively small Turkish firm with capital of about $34 million, as Treasury Secretary Scott Bessent continues efforts to isolate Iran's economy after a muted start to a new sanctions push. Treasury said Golden Global had "facilitated tens of millions of dollars' worth of transactions" for the Islamic Revolutionary Guard Corps' elite foreign Quds Force and provides "the Iranian regime with key correspondent banking access that allows it to move its funds internationally."

The Istanbul-based investment bank pushed back against the Treasury action on Friday, saying the firm had always exercised due diligence and would take action against "these unfounded allegations."

The moves by the US have underwhelmed analysts so far, and many of Iran's key remaining trading partners — from the Middle East to China — have appeared to shrug off the new sanctions push. Turkish energy minister Alparslan Bayraktar said Turkey hadn't received any guidance from US authorities on trade ties with Iran. About a week ago, Treasury moved to sanction the UAE branches of Egypt's Banque Misr.

"While we hope no more banks will need to be sanctioned, that ultimately depends on how quickly the international community comes to its senses and ceases support of the murderous Iranian regime," Bessent said. Instead, the US has focused on smaller entities that will likely not have any meaningful impact on Iran's armed forces and war-related decision-making.