Summary
The U.S. has agreed to drop a criminal case against Turkiye's Halkbank, which was accused of helping Iran avoid sanctions. This decision comes after Turkiye aided in a ceasefire between Israel and Hamas. Halkbank will review its compliance with sanctions as part of the agreement.
Key Facts
- The U.S. is ending a criminal case against Halkbank, a state-run Turkish bank.
- Halkbank was accused of helping Iran dodge U.S. sanctions.
- The decision to drop the case was influenced by Turkiye's role in a ceasefire between Israel and Hamas.
- Halkbank will have a third party review its compliance with sanctions rules.
- The bank will avoid transactions with Iran involving U.S. entities during the agreement.
- Halkbank insisted it did not admit any wrongdoing and won't pay penalties in the settlement.
- Halkbank's shares increased by 10% following the news.
- The U.S. Supreme Court previously rejected Halkbank's appeal for protection under sovereign immunity.
