Turkey Revokes Iran's Melli Bank License Amid U.S. Pressure

A notice published in the official gazette on Saturday stated that Turkey's Banking Regulation and Supervision Agency has revoked the operating license of Iran's Melli Bank branch in Istanbul, as the United States pressures other countries to increase economic pressure on Iran.

The announcement said: "The operating license of Melli Bank, headquartered in Tehran, central branch in Istanbul, Turkey, is hereby revoked," without mentioning U.S. actions or any operational issues, according to Reuters.

The notice added that the decision was made under a provision in Turkey's banking law allowing the cancellation or withdrawal of any bank's license if its continued operation is deemed to pose a risk to depositors' rights or the security 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 affiliated companies. The department also stated that Turkey and Oman have decided to suspend flights by Iranian airline Mahan Air to both countries, following discussions with each country regarding compliance with U.S. measures against Iran.