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The United States Supreme Court on Monday declined to review Türkiye’s state-owned Halkbank’s request to dismiss a long-running case over alleged violations of U.S. sanctions on Iran.
The decision leaves the case to proceed in federal court in New York, where it was originally filed in 2019.
The rejection means that Halkbank’s appeal to end the proceedings has been denied, and the trial will move forward in the U.S. District Court for the Southern District of New York.
Following the announcement, Halkbank shares fell more than 6% on Borsa Istanbul, triggering a temporary trading halt known as a circuit breaker.
The U.S. Attorney’s Office in Manhattan first brought charges against Halkbank in 2019. The proceedings have been subject to multiple appeals, including arguments by the bank that it is immune from prosecution as an entity owned by the Republic of Türkiye. Previous rulings have rejected this defense, paving the way for the continuation of the trial.
Details to follow...
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