Turkey revokes operating licence of Iran's Bank Mellat in Istanbul

Iran’s leading state‑affiliated bank has been subjected to a prolonged series of Western sanctions, which authorities say stem from the institution’s alleged connections to Tehran’s nuclear programme. The measures, imposed by the United States, the European Union and other allies, have restricted the lender’s ability to engage in international transactions, access foreign capital markets and maintain correspondent banking relationships abroad.

The sanctions, first introduced in the early 2000s and periodically renewed, target entities believed to facilitate financing for Iran’s nuclear activities. As a result, the bank has seen a sharp contraction in overseas operations, prompting a shift toward domestic lending and the pursuit of alternative financial channels. Analysts note that the continued pressure reflects broader diplomatic efforts to curb Iran’s nuclear ambitions while limiting the economic reach of entities linked to the program.