Eco
Turkish authorities issued a decision to withdraw the operating license for the Iranian Bank Mellat branch in Istanbul, as announced in the Official Gazette on Saturday morning. Despite the significance of the decision, the official announcement did not disclose the direct reasons behind the revocation. This measure comes two weeks after Washington imposed sanctions on the Turkish bank "Golden Global" due to suspected ties to Iran's Revolutionary Guard. These sanctions are part of the United States' ongoing efforts to economically isolate Tehran and intensify pressure on it. The decision by the Turkish Banking Regulation and Supervision Agency showed the revocation of the Iranian branch's license, without directly citing the American measures or any specific operational challenges as a justification for the move. The notice clarified that this decision was made pursuant to a clause in the Turkish banking law. This clause permits the withdrawal or revocation of any bank's license if its continued operation is deemed to pose a risk to depositors' rights or to the stability and integrity of the country's financial system. In a related context, the U.S. Treasury Department had imposed sanctions on a small Turkish investment bank and two of its subsidiaries earlier this month. The Treasury Department also indicated that Turkey and Oman had agreed to suspend Mahan Air flights to their territories, following discussions with both countries regarding compliance with U.S. measures aimed at restricting Iranian activities.
