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

The Banking Regulation and Supervision Agency of Turkey revoked the operating license of the Istanbul branch of Bank Mellat, one of Iran's largest private banks, on September 19, 2026. Published in the Official Gazette, the decision cited article 71b of the banking law, stating that the bank's continued operation risked the stability of the financial system and the rights of depositors.

This action coincides with Operation Economic Outcast, a campaign led by U.S. Treasury Secretary Scott Bessent to increase economic pressure on Tehran. The U.S. Treasury Department recently sanctioned Golden Global Yatirim Bankasi and two subsidiaries for alleged ties to the Islamic Revolutionary Guard Corps. While the Turkish regulator did not explicitly cite U.S. measures in its notice, the move follows discussions between Washington and Ankara.

Further diplomatic pressure has led Turkey and Oman to halt flights by the Iranian airline Mahan Air, with suspensions beginning September 21. U.S. Ambassador to Turkey Tom Barrack clarified that recent sanctions were aimed at the conduct of specific entities rather than the Turkish nation or its broader banking system.