Turkey has revoked the banking license of Iran's "Bank Mellat".
Modern.az reports, citing Reuters, that the revocation of the license of the bank, which has been operating in Turkey since 1982, occurred against the backdrop of measures imposed by the US against Iran.
It should be noted that "Bank Mellat" has been operating in Turkey for more than 44 years.
Shortly before this decision, Ankara decided to suspend flights of Iran's "Mahan Air" airline to Turkey from September 21.
"Bank Mellat" was considered one of the important financial channels in Iran's economic relations with Turkey. The suspension of the bank's activities in Turkey may complicate settlements between Iranian and Turkish companies and Turkey's use as an intermediate platform in international financial operations.
However, it is stated that the decision does not mean the cessation of all trade relations between Iran and Turkey. Iran still has opportunities to use other banks, currency exchange structures, and alternative settlement mechanisms. However, such operations may be more expensive and complex.
Another Iranian bank sanctioned by the US - "Bank Melli Iran" - also operates in Azerbaijan. In the official register of the Central Bank of Azerbaijan, "Bank Melli Iran Baku Branch" is registered with license No. 124. The license for the branch was issued on January 29, 1993. The bank's branch in Baku is located at Nobel Avenue 23.
Currently, no official statement has been made by the Central Bank of Azerbaijan regarding the activities of "Bank Melli Iran" in Azerbaijan. According to Azerbaijani legislation, foreign banks are required to have a relevant banking license to open and operate a branch in the country. The issuance and revocation of these licenses are within the authority of the Central Bank.
