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

Turkey's banking regulator has revoked the operating licence of Iran's Bank Mellat branch in Istanbul due to potential risks to depositors' rights and the stability of the financial system. Bank Mellat has faced Western sanctions for years over accusations related to Tehran's nuclear program. Although sanctions were lifted in 2015, the U.S. reimposed economic measures in 2018, and the bank was further sanctioned in 2019 for its ties to Iran's Islamic Revolutionary Guard Corps.