Turkey Withdraws Bank Mellat's License Amid Sanctions

Sep 19, 2026

58 min

Sep 19, 2026 07:30

Turkey revokes Iran’s Bank Mellat licence

## License Revocation

Turkey has withdrawn the operating license of Iran's Bank Mellat. This decision was published in the official gazette and comes amid ongoing Western sanctions against the bank. Bank Mellat, a semi-private institution based in Tehran, has been under scrutiny due to its alleged connections with Iran's government and the Islamic Revolutionary Guard Corps (IRGC).

## Sanctions Background

The bank has faced sanctions from the US, EU, and UK for years, primarily due to accusations related to Iran's nuclear ambitions. Although a 2015 agreement temporarily lifted some sanctions, the US reinstated them in 2018 after withdrawing from the deal.

## Regulatory Concerns

Turkey's banking regulator cited concerns over the bank's operations, stating they posed a risk to depositors and the financial system's stability. This decision follows recent US sanctions on another Turkish bank for alleged ties to the IRGC, though it's unclear if the two actions are connected.

## Ownership and Impact

The Iranian government is the largest shareholder in Bank Mellat. The revocation of its license in Turkey marks a significant move in the ongoing international efforts to curb Iran's financial activities linked to its nuclear program and military connections.

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