Economics
Iran Crude Supply to Turkey May Be Halted by Bank Sanctions
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Turkiye Halk Bankasi AS, the Turkish bank that handles payments for Iranian oil, will stop processing transactions for supplies into Turkish refineries from July amid tightening Western sanctions against the Persian Gulf state.
Tupras Turkiye Petrol Rafinerileri AS, which operates four refineries, won’t be able to use the bank from the end of June unless it gets a U.S. waiver, a Tupras official said today, declining to be identified citing company policy. State-run Halk complies with all international regulations and standard practices on Iran, an official at the Ankara-based lender said by phone today, declining to be named for the same reason.