Turkey Revokes License of Iran's Mellat Bank
Turkey Revokes License of Iran's Mellat Bank
The News
Turkey's banking regulator has revoked the operating license of the Istanbul branch of Iran's Mellat Bank, according to a notice published in the country's Official Gazette on Saturday, Reuters reported.
The decision came from the BDDK, Turkey's banking watchdog, and lands as the United States presses other countries to step up economic pressure on Tehran, per Reuters.
Mellat Bank has faced years of Western sanctions over alleged ties to Iran's nuclear program, Al Jazeera reported.
Timeline
Turkey's Official Gazette publishes the BDDK notice revoking the operating license of Mellat Bank's Istanbul branch, Reuters reported.
Reactions
Reuters framed the move as part of a wider squeeze, reporting that it comes as Washington pushes other governments to increase economic pressure on Iran.
Al Jazeera noted that the Iranian lender has been a target of Western sanctions for years over alleged links to Tehran's nuclear program.
What's Next
The immediate question is what happens to the Istanbul branch's operations and accounts now that its license has been pulled, and whether Iran or the bank responds to the regulator's decision.
Also worth watching: whether other countries follow Turkey in tightening restrictions on Iranian banks as the US pressure campaign continues, as described by Reuters.
Poll
Should Washington keep pressing other countries to cut off Iranian banks?
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