Barrack Says US Sanctions Should Not Be Read as Judgment on Türkiye

ERBIL (Kurdistan24) - US Ambassador to Türkiye Tom Barrack said on Saturday, the US Treasury’s latest sanctions against a Türkiye-based financial institution and two of its subsidiaries should not be interpreted as a judgment on Türkiye or its banking system, stressing that Washington and Ankara remain committed to cooperation and transparency.

In a statement posted on X, Barrack said the US Treasury had designated a Türkiye-based financial institution and two subsidiaries on Sept. 4, 2026, over their role in moving funds on behalf of Iran’s Islamic Revolutionary Guard Corps–Qods Force.

Barrack said the United States and Türkiye had remained in direct and continuous contact throughout the process, describing the action as an enforcement measure aimed at protecting the integrity of the international financial system.

He said Washington’s maximum-pressure campaign against the Iranian regime seeks to close the channels through which Tehran launders the proceeds of its activities.

“This designation is aimed at the conduct of one entity, not at a nation, not at a banking system, and not at an ally,” Barrack said.

STATEMENT OF THE AMBASSADOR
On the U.S. Treasury Designation of September 4, 2026
 
Today the United States Department of the Treasury designated a single Türkiye-based financial institution and two of its subsidiaries for their role in moving funds on behalf of the Iranian…

— Ambassador Tom Barrack (@USAMBTurkiye) September 5, 2026

He added that the measure was “precise and lawful” and said it would be a serious error to interpret it as a judgment on Türkiye.

“Türkiye’s own interest lies in a banking system that is clean, trusted, and beyond the reach of those who would abuse it,” Barrack said, adding that no nation has a greater stake than Türkiye itself in ensuring that its institutions are not used for purposes its government would not sanction.

“The health of the Turkish financial system is not in question; the conduct of one institution was,” he said.

Barrack said Türkiye had responded as a “sovereign partner should,” engaging to clarify ambiguities surrounding the matter and beginning a process aimed at strengthening transparency.

“That is not the reflex of a state with something to conceal; it is the conduct of a mature partner determined that its own house be, and be seen to be, in order,” he said.

The ambassador described cooperation between the two countries as important to their alliance, saying long-standing allies do not measure their relationship by the absence of difficulties.

“Between serious partners, friction is not the exception to the relationship but a recurring feature of it,” Barrack said, adding that the test is whether difficult matters are addressed with candor and resolved with dignity.

Barrack said the United States and Türkiye remain on the same side regarding regional stability and the security of routes and commerce on which both countries rely.

“We are confident, therefore, that this measure will in time be seen not as a strain upon the partnership but as an instance of its strength,” he said.

He added that Washington would continue working with Ankara “in the same spirit of candor and common purpose” that has carried the relationship forward.

The US Treasury Department announced the designation of three Türkiye-based financial entities on Friday over Iran-related dealings.

The targeted entities are Golden Global Portfoy Yonetimi Anonim Sirketi, Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Yatirim Bankasi Anonim Sirketi, described as a portfolio management company, an asset leasing firm and an investment bank.

The Treasury also issued a general license allowing counterparties to wind down transactions with the sanctioned entities, providing a limited period to exit existing exposure before full sanctions enforcement takes effect.

The designations came as part of Operation Economic Outcast, a campaign aimed at severing financial channels supporting Iran.