Türkiye's state-owned Halkbank has asked the U.S. Supreme Court to consider throwing criminal charges accusing Iranian banks of evading economic sanctions.
In a case file in the High Court on Wednesday, Huckbank argued that it was protected by sovereign immunity. The document dismissed Huckbank's argument after a federal appeals court ruling in October.
Prosecutors claim Halkbank helped release $20 billion in Iranian funds and helped launder at least $1 billion through the U.S. financial system.
The appeal centered on the issue of the Supreme Court leaving the Open in 2023, when it said Harkbank was not protected by the 1976 federal regulations of 1976, which in many cases immunities to foreign governments. The High Court said the law only applies to civil litigation and not to criminal prosecution.
The bank now believes it is immunized under the so-called “common law”, a set of legal rules formulated by judges that sometimes apply without regulations.
“In history, no court has committed another instrumentality of common sovereignty in crime, even in cases involving commercial conduct, no crime was committed.”
Bloomberg intelligence analyst Elliott Stein said in April that the attraction of Halkbank is an “unlikely successful uphill climb.” He said the bank's best option might be a settlement with the Trump administration, potential losses of $1 billion to $2 billion.
Based on the speed of the Justice Department's response to the summary, the High Court may not disclose whether the appeal will be heard before the appeal begins in October.
The case is Turkiye Halk Bankasi v. United States, 24-1144.
With the assistance of Bob van Voris.
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