Turkey Revokes Operating License of Iranian Bank Mellat Amid US Pressure
Turkey has revoked the operating license of Iran's Bank Mellat amid heightened US pressure to sever financial ties with Tehran, drawing sharp criticism from Iranian commentators.
Turkey has revoked the operating license of the local branch of the Iranian Bank Mellat, in a move likely to result in the closure of all its branches across the country. The unusual decision, made as the administration of US President Donald Trump increases pressure on nations to sever ties with Iran's financial system, drew sharp reactions from figures tied to the regime in Tehran.
Revocation of the License
According to Reuters, the Turkish Banking Regulation and Supervision Agency (BDDK) revoked the operating license of Bank Mellat's main branch in Turkey, headquartered in Tehran. The decision was adopted on September 18 and published the following day in the Official Gazette of the Turkish government.
Decision No. 11572 stated: "At the council meeting on September 18, 2026, it was decided to revoke the operating license of the main branch in Turkey, located in Istanbul, of Bank Mellat, headquartered in Tehran, in accordance with Article 71(1)(b) of Banking Law No. 5411." This legal provision allows regulators to revoke a bank's license if continued operations are determined to endanger depositors' rights or the stability of the financial system.
Broader US Sanctions and Reactions
The move comes roughly two weeks after the US Treasury Department imposed sanctions on a small Turkish investment bank and two of its subsidiaries for allegedly aiding an Iranian financial network. Washington accused the network of helping Iran channel oil revenue from China through Turkey, converting it into cash and gold while evading sanctions.
The decision drew a sharp rebuke from Mohammad Marandi, a commentator close to the Iranian regime and a former adviser to Tehran's nuclear negotiation team. Marandi accused Turkish President Recep Tayyip Erdogan of acting directly on orders from Washington.
"Erdogan closed all branches of the Iranian Bank Mellat on the orders of Trump and Bessent," Marandi wrote on the X platform, referring to the US president and Treasury Secretary Scott Bessent.
Bank Mellat has been subject to US sanctions for years, with the Treasury Department imposing restrictions as early as 2007 over alleged ties to Iran's nuclear and missile programs. While official Turkish documents did not cite US directives, the timing aligns with Washington's ongoing efforts to isolate Tehran economically.
