Overview
- The licence revocation, published Saturday in Turkey’s Official Gazette, ends Mellat Bank’s decades‑long operations in Istanbul and removes a long‑standing Iranian banking foothold in the city.
- Turkey’s banking watchdog invoked a statutory clause that allows licence withdrawal when a lender’s continued operation is judged to risk depositors’ rights or the stability of the financial system.
- The move comes as the U.S. Treasury is pushing Operation Economic Outcast, a campaign that targets banks and intermediaries that move Iranian funds, and has already sanctioned entities including Golden Global Bank and a small Turkish investment bank.
- Iranian carrier Mahan Air said it will suspend flights to Turkey and Oman from September 21, a decision that follows U.S. aviation sanctions and reduces one of Iran’s limited overseas travel links.
- Analysts say the measures tighten Tehran’s economic isolation, could strain Turkey‑U.S. ties as enforcement choices rise, and may make it harder for ordinary Iranians and businesses to move money or access international travel connections.