A U.S. appeals court in Manhattan granted Turkey’s state-owned Halkbank a temporary pause in its Iran sanctions evasion case.
Halkbank had previously sought to pursue a dismissal of the case without entering a plea on the charges. A judge denied the request and the bank is appealing that ruling.
A three-judge panel of the Second Circuit Court of Appeals will weigh the request on an expedited basis, Bloomberg reported on Feb. 3.
Prosecutors have deemed the bank a fugitive from justice, asking a judge to hold it in contempt and impose fines until it begins answering the charges.
Shares of Halkbank surged 7.27 percent when markets opened on Feb. 4 following the decision.
Halkbank was charged in October with helping Iran access billions of dollars in oil revenue that had been frozen in its accounts under U.S. sanctions. A senior bank executive was previously convicted in the case and a money launderer pleaded guilty to charges of orchestrating the scheme.
The case has become a persistent thorn in the side of Turkish President Recep Tayyip Erdoğan, who has pressed President Donald Trump to intervene.
The charges were brought at the height of tensions between Washington and Ankara over Turkey’s military offensive in Syria.