Turkiye revokes operating licence of Iran’s Bank Mellat in Istanbul

The Iranian lender has faced years of Western sanctions implicit alleged ties to Tehran’s atomic programme.

Turkiye’s banking watchdog has revoked the operating licence of Iranian lender Bank Mellat’s subdivision successful the Turkish metropolis of Istanbul.

“It has been decided to revoke the operating licence of Bank Mellat, Head Office successful Tehran, Istanbul Turkey Central Branch,” work the determination by the Banking Regulation and Supervision Agency (BDDK), published successful the Official Gazette connected Saturday.

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The regulator said the determination was taken nether a clause of Turkiye’s banking instrumentality allowing a bank’s licence to beryllium revoked oregon withdrawn if its continued cognition is deemed to airs a hazard to depositors’ rights oregon to the information and stableness of the fiscal system.

Bank Mellat has been taxable to Western sanctions for years implicit accusations that Tehran was pursuing a atomic limb nether the screen of a civilian atomic programme.

Those sanctions were lifted arsenic portion of a landmark 2015 deal betwixt Tehran and satellite powers to curb Iran’s atomic ambitions. However, the United States unilaterally pulled retired of the statement successful May 2018, reimposing economical sanctions connected the country.

Bank Mellat was deed by further US and Gulf sanctions successful 2019 aft being named arsenic 1 of 25 entities linked to Iran’s Islamic Revolutionary Guard Corps (IRGC).

The Turkish announcement did not mention the US measures oregon specify operational issues.

Earlier this month, the US Treasury Department imposed sanctions connected a tiny Turkish concern slope and 2 subsidiaries implicit alleged ties to Iran.

The Treasury Department accused Golden Global Yatirim Bankasi Anonim Sirketi (Golden Global Bank) of facilitating “tens of millions of dollars’ worthy of transactions for the Islamic Revolutionary Guard Corps-Qods Force” and providing the Iranian authorities with banking entree to determination its funds internationally.

Golden Global Bank has denied the accusations.