Turkey has revoked the license of Iran’s Mellat Bank in a decision published early Saturday in the Official Gazette.
The decision by Turkey’s Banking Regulation and Supervision Agency comes two weeks after Washington imposed sanctions on a Turkish bank over its alleged ties to Iran’s Islamic Revolutionary Guard Corps, or IRGC.
The Turkish agency cited Article 71(b) of the banking law, which states that a license can be revoked if the bank’s continued activities ‘‘pose a threat to the rights of depositors and fund shareholders, as well as to the security and stability of the financial system.’’
Based in Tehran, Mellat Bank is subject to U.S., European and British sanctions for its ‘‘financial support to the Iranian government,’’ according to OpenSanctions, a website that tracks people and entities targeted by sanctions.
