U.S. issues sanctions on Turkish bank that it calls a 'critical financial lifeline' for Iran

On Friday, the U.S. Treasury Department imposed economic sanctions on a Turkish financial institution, designating the entity as a critical financial lifeline for the Iranian government. According to the administration, the bank and its associated entities were established specifically to facilitate the transfer of Iranian oil revenues from China to Turkey.

Once the funds reached Turkey, they were allegedly converted into cash and gold to benefit Iran. This action is part of the ongoing U.S. effort to sever financial channels supporting the Iranian government.