The U.S. Treasury has formally charged a Turkish financial institution and its affiliated companies with acting as a conduit for Iran’s oil‑revenue scheme. According to the indictment, the bank helped funnel money earned from Iranian crude sold to China into Turkey, where the funds were allegedly swapped for cash and gold to evade sanctions. Officials say the operation exploited gaps in the international banking system, allowing Tehran to sidestep restrictions and finance its activities abroad. The move underscores Washington’s broader push to crack down on illicit networks that support Iran’s economy and highlights growing scrutiny of Turkish firms suspected of facilitating sanction‑busting transactions.
The Treasury Department accused the Turkish bank and its entities of being established to enable Iran's efforts to transfer oil revenues from China to Turkey, where they could then be converted to cash and gold.
