Turkey revokes licence of Iran's Bank Mellat as US sanctions intensify

Turkey revokes licence of Iran's Bank Mellat as US sanctions intensify

Turkey has revoked the operating licence of Iran’s Bank Mellat, which remains on the US Treasury’s sanctions list, as Washington intensifies economic pressure on Tehran.

Turkey’s Banking Regulation and Supervision Agency’s decision to revoke  the bank’s main Istanbul branch’s licence after 44 years did not directly link the move to US sanctions, Al Jazeera reported. 

The agency cited a provision allowing a licence to be withdrawn if continued operations pose a risk to depositors’ rights or the stability of the financial system.

 Washington designated the bank in 2018, accusing it of providing financial support to Mehr Eqtesad Bank, which the US links to Iran’s Basij.