Turkey revokes operating license of Iran's Mellat Bank amid US economic pressure campaign

Turkey's banking watchdog revoked the operating license of Iranian lender Bank Mellat's Istanbul branch, citing a clause in Turkish banking law that allows license revocation if continued operation poses a risk to depositors' rights or financial stability. The decision follows US Treasury sanctions on a Turkish investment bank and subsidiaries, as Washington presses allies to increase economic pressure on Tehran.

Turkey's BDDK banking watchdog revoked the operating license of Iranian lender Bank Mellat's Istanbul branch, according to a notice published in the Official Gazette on Saturday. The decision was taken under a clause of Turkey's banking law that allows license revocation if continued operation is deemed to pose a risk to depositors' rights or the security and stability of the financial system. The notice did not cite US measures or any operational issues. Earlier this month, the US Treasury Department imposed sanctions on a small Turkish investment bank and two subsidiaries. The Treasury also said Turkey and Oman had decided to stop flights by Iranian airline Mahan Air to their countries as a result of discussions on complying with US measures against Iran. The article frames the license revocation within the context of US economic pressure on Tehran, though the Turkish regulator's notice itself does not mention US measures.