Turkey's banking regulator (BDDK) announced in the Official Gazette on Saturday that it has revoked the operating license of Iran's Bank Mellat Istanbul branch. The agency stated that this move was made in accordance with Turkish banking law, which allows for the revocation of a bank's license if its continued operation could pose a risk to the rights of depositors or the security and stability of the financial system. Bank Mellat has been subject to Western sanctions for years due to its alleged ties to Iran's nuclear program. The U.S. reimposed sanctions in 2018 after unilaterally withdrawing from the 2015 nuclear deal, and the bank was again sanctioned by the U.S. and Gulf states in 2019.