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Turkey revokes operating license of Iran's Mellat Bank amid US economic pressure campaign

4h ago ·  Source: The Jerusalem Post 76Objectivity score76/100

Turkey revokes operating license of Iran's Mellat Bank amid US economic pressure campaign

Earlier this month, the US Treasury Department imposed sanctions on a small Turkish investment bank and two subsidiaries.

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Turkey's BDDK banking watchdog revoked the operating license for the Istanbul branch of Iran's Mellat Bank, as announced in the Official Gazette on Saturday. The decision was made under a clause in Turkish banking law concerning risks to depositors' rights or financial system stability. This action follows increased U.S. pressure on other countries to intensify economic sanctions against Tehran. The U.S. Treasury Department recently sanctioned a Turkish investment bank and two subsidiaries, and stated that Turkey and Oman had halted flights by Iran's Mahan Air due to discussions on complying with U.S. measures.

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This story is based on reporting by The Jerusalem Post.
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