The Supreme Court has opted not to hear an appeal by Turkey's state-owned Halkbank aiming to dismiss charges of fraud, money laundering, and conspiracy. These charges arise from allegations that Halkbank assisted Iran in circumventing U.S. economic sanctions.

This decision supports a lower court ruling, permitting the criminal case initiated by U.S. prosecutors in 2019 to proceed. Accusations center on Halkbank using agencies in Iran, Turkey, and the UAE to obscure $20 billion in transactions that benefited Iran.

Halkbank's argument for immunity under the Foreign Sovereign Immunities Act was previously rejected. The Supreme Court affirmed that common law does not shield state-owned enterprises from such legal claims, solidifying the position amid strained U.S.-Turkey relations.

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