Halkbank Sanctions Case Pauses to Weigh Compliance Deal
A U.S. federal judge has paused the criminal case against Halkbank for 90 days to evaluate its compliance with a deal to resolve charges of aiding Iran in evading sanctions. If approved, the deal could improve U.S.-Turkey relations as NATO allies. A monitor will oversee compliance for dismissal.
A federal judge has temporarily halted the criminal proceedings against Halkbank, providing a 90-day window to allow the Turkish state-owned bank to adhere to a deal with the United States government. The agreement aims to dismiss charges related to helping Iran bypass U.S. sanctions.
The U.S. Justice Department, represented by lawyer Michael Lockard, explained to Judge Richard Berman that the court's oversight will be minimal. Lockard emphasized that the court's involvement is limited to checking the authenticity of both parties' request—halt the case under the deferred prosecution agreement initiated during the Trump administration.
The resolution of the case, involving hiring a monitor for reviewing Halkbank's compliance, may ease U.S.-Turkey tensions and enhance bilateral relations. Shares of Halkbank saw volatility following the hearing, underlining the case's significant impact on financial markets.
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