Turkey revokes Iran's Bank Melli license amid U.S. measures

A notice published in the Official Gazette on Saturday stated that the Turkish Banking Regulation and Supervision Agency revoked the operating license of the Iranian Bank Melli branch in Istanbul, as the United States pressures other countries to increase economic pressure on Tehran.

The announcement read, “The operating license of Bank Melli, headquartered in Tehran, for its central branch in Istanbul, Turkey, has been revoked,” without mentioning U.S. measures or any operational issues.

The notice added that the decision was made under a provision in Turkey’s Banking Law that allows for the revocation or withdrawal of a bank’s license if its continued operation is deemed to pose a risk to depositors’ rights or to the safety and stability of the financial system.

Earlier this month, the U.S. Department of the Treasury imposed sanctions on a small Turkish investment bank and two of its subsidiaries. The Treasury also noted that Turkey and Oman had decided to halt flights by Iranian Mahan Air to both countries, following discussions with each nation regarding compliance with U.S. measures against Iran.