Finance & Currencies
Bank Mellat loses Turkey licence over stability risk
Turkey has revoked the licence of Iran's Bank Mellat, a semi-private Tehran-based bank under Western sanctions, after the banking regulator cited a threat to depositors and financial stability.
The decision was published in the Official Gazette early Saturday. The regulator cited article 71b of Turkey's banking law, which refers to cases where an entity's continued operation threatens the rights of depositors and participation fund holders and the security and stability of the financial system.
OpenSanctions says Bank Mellat provides financial support to Iran's government, is subject to US, EU and UK sanctions, and has the Iranian government as its largest shareholder.
The move came about two weeks after the US Treasury imposed sanctions on Turkey's Golden Global Bank over alleged ties to Iran's Islamic Revolutionary Guard Corps. Golden Global Bank denied the accusations, and it was not immediately clear whether the Turkish licence decision was related.
Washington later imposed sanctions on 36 entities, including three Turkish ground services companies, for helping Iran's Mahan Air, a civilian carrier accused of supporting the Revolutionary Guards. Iran's ISNA news agency reported that Mahan Air would suspend all flights to Turkey from September 21 at the request of Turkish aviation authorities. The Turkish authority did not respond to a request for comment.
Bank Mellat has faced Western sanctions for years over accusations that Tehran was pursuing an atomic weapon under a civilian nuclear programme. Those sanctions were lifted under the 2015 nuclear deal, but the United States withdrew from the deal in May 2018 and reimposed economic sanctions on Iran. The bank was also sanctioned by the United States and Gulf states in 2019 after being named among entities linked to the Revolutionary Guards.
US Treasury Secretary Scott Bessent has said Washington was declaring an “economic D-Day” on Iran and warned of harsh consequences for countries that do not join the campaign.
President Recep Tayyip Erdogan is reportedly due to hold talks with US President Donald Trump on the sidelines of the UN General Assembly, which begins Tuesday in New York.
Update
Washington later imposed sanctions on 36 entities, including three Turkish ground services companies, for helping Iran's Mahan Air, according to the source item.
Mahan Air said it would suspend all flights to Turkey from September 21 at the request of Turkish aviation authorities, Iran's ISNA news agency reported.
US Treasury Secretary Scott Bessent said Washington was declaring an “economic D-Day” on Iran and warned of consequences for countries that do not join the campaign.
Source note: AFP news report published on 19 September 2026 at 07:36:26 UTC.
Update
Bank Mellat is described as a semi-private Tehran-based bank.
OpenSanctions says the Iranian government is the bank's largest shareholder.
The item adds background on Bank Mellat sanctions being lifted under the 2015 nuclear deal and reimposed after the US withdrew in 2018.
The item says Bank Mellat was also hit by US and Gulf sanctions in 2019 after being named among entities linked to Iran's Revolutionary Guards.
The item adds that Golden Global Bank denied US allegations after being sanctioned on September 4.
President Recep Tayyip Erdogan is reportedly due to meet US President Donald Trump on the sidelines of the UN General Assembly.
Source note: AFP news report published on 19 September 2026 at 06:52:34 UTC.
Update
Turkey's banking regulator cited article 71b of the banking law, referring to a threat to depositors and the security and stability of the financial system.
OpenSanctions says Bank Mellat provides financial support to Iran's government and is subject to US, EU and UK sanctions.
OpenSanctions says the Iranian government is Bank Mellat's largest shareholder.
It was not immediately clear whether the licence revocation was related to recent US sanctions on a Turkish bank over alleged IRGC ties.
Source note: AFP news report published on 19 September 2026 at 06:06:58 UTC.
Update
The bank is Bank Mellat.
Bank Mellat is described as one of Iran's largest private banks.
The Official Gazette did not give a reason for the revocation.
The move came two weeks after Washington imposed sanctions on a Turkish bank over alleged ties to Iran's Islamic Revolutionary Guard Corps.
Source note: AFP news report published on 19 September 2026 at 05:45:14 UTC.
Uncertainty notes
It was not immediately clear whether Turkey's decision to revoke Bank Mellat's licence was related to recent US sanctions on Turkish entities.
The Turkish aviation authority did not respond to a request for comment on Mahan Air's reported Turkey flight suspension.
Source
AFP news report published on .