October 22, 2024
Publication:
The Wall Street Journal
Related Country:
- Turkey
- United States
The U.S. Second Circuit Court of Appeals ruled that Halkbank, a Turkish state-owned financial institution, can face criminal prosecution for allegedly having helped Iran circumvent U.S. sanctions by laundering billions of dollars of frozen Iranian oil revenue. The ruling dismissed Halkbank’s argument that it was protected by sovereign immunity, a doctrine that shields foreign governments from prosecution in U.S. courts, noting the commercial rather than governmental nature of the bank's activities.
