Halkbank

U.S. prosecutors are seeking leniency for Turkish-Iranian businessman Reza Zarrab, who admitted to helping Iran evade sanctions and provided key testimony in a 2017 trial that strained U.S.-Turkey relations. Zarrab's cooperation included exposing bribes to Turkish officials and facing threats and asset freezes from Turkey after his testimony.

U.S. prosecutors credit Turkish-Iranian gold trader Reza Zarrab for providing key testimony in a 2017 trial against a Turkish banker, which strained U.S.-Turkey relations. Zarrab admitted to helping Iran evade sanctions and faced threats and asset freezes from Turkey after cooperating with U.S. authorities. The U.S. government recently dismissed a case against Turkey's Halkbank amid improved ties between President Recep Tayyip Erdogan and Donald Trump.

Reza Zarrab, a cooperating witness in the U.S. government's investigation into Halkbank's alleged role in Iran sanctions evasion, is set to be sentenced on July 14, nearly nine years after pleading guilty. Sentencing delays for cooperating witnesses are common in U.S. criminal cases until related trials conclude.

The US has requested to drop a case related to Iran sanctions against Turkey's Halkbank.

Turkey is restructuring leadership at its state-owned banks Halkbank and Vakifbank. The overhaul includes changes at a Turkiye Halk Bankasi branch in Istanbul.