Supreme Court Denies Halkbank's Immunity Plea in Sanctions Case
The U.S. Supreme Court has declined to hear Halkbank's appeal against fraud and money-laundering charges, allowing the case to proceed. Initially charged in 2019 for aiding Iran to bypass U.S. economic sanctions, the case strains U.S.-Turkey relations. Halkbank maintains its innocence and is exploring legal avenues.
The U.S. Supreme Court has declined to hear another appeal by Turkey's state-owned Halkbank to dismiss charges of fraud, money laundering, and conspiracy. The decision permits the case, alleging the bank's assistance to Iran in evading U.S. sanctions, to proceed in a lower court.
First brought by U.S. federal prosecutors in 2019, the case has been a contentious issue between the United States and Turkey, with Turkish President Tayyip Erdogan condemning it as "unlawful." Despite pleading not guilty, Halkbank faces a potential trial or settlement negotiations.
Prosecutors accuse Halkbank of covertly moving $20 billion in restricted funds, converting oil revenue to benefit Iranian interests, and falsifying documents to justify oil transfers. The bank argued for immunity under the Foreign Sovereign Immunities Act and common law, but both defenses have been rejected by U.S. courts.
(With inputs from agencies.)
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