Turkey Revokes License for Iran's Bank Mellat Branch in Istanbul

Turkey revoked the operating license for the Iranian Bank Mellat branch in Istanbul, a decision published Saturday in the Official Gazette. Reasons for the cancellation were not immediately disclosed. This action follows Washington's recent sanctions on the Turkish "Golden Global" bank, suspected of ties to Iran's Revolutionary Guard. Such sanctions align with U.S. efforts to economically isolate Tehran. Turkey's Banking Regulation and Supervision Agency's decision explicitly canceled the branch's operating license. It did not, however, cite U.S. measures or any specific operational issues concerning the bank. The notice clarified the decision was based on a Turkish Banking Law clause, permitting license revocation if a bank's operation risks depositors' rights or the financial system's stability. Earlier this month, the U.S. Treasury sanctioned a small Turkish investment bank and two affiliates. The department also noted Turkey and Oman's decision to halt Iranian Mahan Air flights after discussions on complying with U.S. anti-Iran measures.