Turkey’s Halkbank Must Face U.S. Prosecution Over Iran Sanctions Charges

October 22, 2024

Author: 

Richard Vanderford

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.