The US Department of Justice filed a motion on June 11 to dismiss the criminal case against Turkiye Halk Bankasi, the Turkish state-owned bank that was indicted in 2019 for allegedly laundering roughly $20 billion in Iranian oil and gas proceeds. The move effectively closes one of the most high-profile sanctions enforcement cases in recent memory, and it does so with a whimper rather than a bang.
Halkbank walks away without paying criminal fines. It didn’t admit guilt. It agreed to accept an independent compliance monitor. That’s it. For a case that once tested the limits of foreign sovereign immunity all the way to the Supreme Court, the resolution is remarkably gentle.
How a $20 billion case ended with no fines
The DOJ told US District Judge Richard M. Berman in Manhattan that Halkbank had satisfied all conditions of a deferred prosecution agreement reached in March 2026. Under that DPA, the bank agreed to let an independent monitor oversee its anti-money laundering and sanctions compliance programs. In exchange, prosecutors agreed to seek dismissal of the charges.
The original October 2019 indictment painted a sprawling picture. Prosecutors alleged Halkbank had conspired to funnel Iranian oil revenues through a network of front companies and money services businesses, effectively helping Iran circumvent US sanctions to the tune of approximately $20 billion.
