🚨This is big. And a potentially positive sign of Turkish sanctions compliance - at the formal level - after Treasury sanctioned Golden Globe Bank recently. This doesn’t mean trade with Iran will be zeroed hard, but just constricted, handicapped, or simply harder to conduct. This can also be considered a sign of sanctions success and bankers and regulators respond to the changing risk and compliance environment with Iran after Economic D-Day.

The speed of this move brings to mind a sharp contrast with a much different US partner on Iran sanctions - the UK - which lost a lawsuit against Bank Mellat in 2013/2014 (after being sanctioned by HMG in 2009) and settled in 2019.