Shares of Turkey's Halkbank surge after reprieve in U.S. court

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ISTANBUL (Reuters) – Shares of Turkey’s state-owned Halkbank (IS:) surged 7.27% when markets opened Tuesday, after a federal U.S. appeals court on Monday agreed to pause proceedings while a three-judge panel reviews a motion by the bank to dismiss charges against it.

U.S. prosecutors allege that from 2012 to 2016, Halkbank and its executives used money servicers and front companies in Iran, Turkey and the United Arab Emirates to evade U.S. sanctions on Iran.

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