Chief Executive of Istanbul Exchange Steps Down

The CEO of Borsa Istanbul Stock Exchange (BIST) resigned on Monday, March 8, 2021 ahead of a US court appeal to a fraud case (Reuters)
The CEO of Borsa Istanbul Stock Exchange (BIST) resigned on Monday, March 8, 2021 ahead of a US court appeal to a fraud case (Reuters)
TT
20

Chief Executive of Istanbul Exchange Steps Down

The CEO of Borsa Istanbul Stock Exchange (BIST) resigned on Monday, March 8, 2021 ahead of a US court appeal to a fraud case (Reuters)
The CEO of Borsa Istanbul Stock Exchange (BIST) resigned on Monday, March 8, 2021 ahead of a US court appeal to a fraud case (Reuters)

A top Turkish banker convicted in the US of busting sanctions on Iran resigned on Monday as the chief executive of the Istanbul stock exchange, state media reported.

Mehmet Hakan Atilla, who served as deputy director general of Turkish lender Halkbank, was convicted in 2018 of plotting to help Iran evade US sanctions in a multi-billion dollar gold-for-oil scheme, AFP reported.

Atilla was released from jail in the US in 2019 after spending two years behind bars, and was named head of the stock exchange in October 2019.

Atilla resigned “of his own accord,” the Borsa Istanbul exchange said in a statement, quoted by state news agency Anadolu.

A US federal court is expected to put Halkbank on trial later this year after charging it with six counts of fraud, money laundering and sanctions offences in 2019.

Turkish President Recep Tayyip Erdogan has dismissed the claims, insisting the case against Atilla was “politically motivated.”

Atilla served as deputy CEO of Turkish lender Halkbank and was responsible for international banking between 2011 and 2018.

Observers have suggested that Atilla’s resignation would be a preemptive step for a potential ruling against Halkbank, one of the three state-owned banks. A large fine and other punitive actions against Halkbank could rock Turkey’s banking system.

US prosecutors allege Iran funneled some $20 billion in oil revenue through Halkbank to sidestep sanctions for its nuclear program in 2012 and 2013.

The case dates back to 2016, when Reza Zarrab, a businessperson with dual citizenship of Iran and Turkey, was taken into custody at Miami Airport in March.

He was charged with violating sanctions against Iran, money laundering, “conspiracy against the US,” and defrauding US banks.

During Zarrab’s trial, Turkey sent a diplomatic note to the US embassy, requesting information about the businessperson, as it was not able to hear from Zarrab and was concerned about his life safety.

The court combined the cases of Atilla and Zarrab in April 2017.

Zarrab became a confessor in October 2017 and admitted that he used Halkbank to trade gold for natural gas. Following his confession, Attila remained the sole defendant in the trial.

The CEO of Borsa Istanbul Stock Exchange (BIST) resigned on Monday, March 8, 2021 ahead of a US court appeal to a fraud case (Reuters)



Trump Downplays Possibility of Sending Ukraine Long-Range Weapons as It Struggles to Repel Russia

 In this photo provided by Ukraine's 65th Mechanized Brigade press service, a local resident walks along the street under an anti-drone net in Orikhiv, Zaporizhzhia region, Ukraine, Tuesday, July 15, 2025. (Andriy Andriyenko/Ukraine's 65th Mechanized Brigade via AP)
In this photo provided by Ukraine's 65th Mechanized Brigade press service, a local resident walks along the street under an anti-drone net in Orikhiv, Zaporizhzhia region, Ukraine, Tuesday, July 15, 2025. (Andriy Andriyenko/Ukraine's 65th Mechanized Brigade via AP)
TT
20

Trump Downplays Possibility of Sending Ukraine Long-Range Weapons as It Struggles to Repel Russia

 In this photo provided by Ukraine's 65th Mechanized Brigade press service, a local resident walks along the street under an anti-drone net in Orikhiv, Zaporizhzhia region, Ukraine, Tuesday, July 15, 2025. (Andriy Andriyenko/Ukraine's 65th Mechanized Brigade via AP)
In this photo provided by Ukraine's 65th Mechanized Brigade press service, a local resident walks along the street under an anti-drone net in Orikhiv, Zaporizhzhia region, Ukraine, Tuesday, July 15, 2025. (Andriy Andriyenko/Ukraine's 65th Mechanized Brigade via AP)

President Donald Trump on Tuesday downplayed the possibility of sending Ukraine long-range weapons as Kyiv awaits an injection of US weaponry that it hopes will help it beat back an intensifying Russian air offensive.

Trump offered a more cautious tone on what to expect after he threatened Russia a day earlier with steep tariffs if President Vladimir Putin doesn’t act within 50 days to end the three-year conflict. He also on Monday announced plans to bolster Kyiv's stockpile by selling American weapons to NATO allies who would in turn send arms to Ukraine.

Providing Ukraine with more long-range weaponry would give Kyiv the chance to strike further into Russian territory, a move that some in Ukraine and the US have said could help push Putin toward negotiations to end the fighting.

Asked if he intended to supply Ukraine with weapons that could reach deeper into Russian territory, Trump replied, "We're not looking to do that." He made the remarks to reporters before departing the White House for an energy investment event in Pittsburgh.

While Trump's threats of weapons, sanctions and tariffs mark the most substantive pressure he’s placed on Putin since returning to office nearly six months ago, some lawmakers said they remain concerned that the administration, with the 50-day deadline, is giving Putin time to grab even more Ukrainian territory.

Sens. Thom Tillis, a Republican from North Carolina, and Jeanne Shaheen, a Democrat from New Hampshire, said waiting 50 days before imposing sanctions on Russia would give Putin more time to gain an advantage in the war.

"The 50-day delay worries me that Putin would try to use the 50 days to win the war, or to be better positioned to negotiate a peace agreement after having murdered and potentially collected more ground," said Tillis, who recently announced he won’t run for reelection.

Tillis and Shaheen lead the Senate NATO Observer Group, which facilitates work between Congress and NATO, and met Tuesday with NATO Secretary General Mark Rutte on Capitol Hill.

Trump himself scoffed at the idea that 50 days is giving Putin too much time. The president suggested he may act more quickly if he does not see signs that Putin is taking steps toward ending the conflict.

"I don’t think 50 days is very long and it could be shorter than that," he said.

Ahead of Trump's announcement that he would impose a 100% tariff on Russia’s trading partners if Putin doesn't negotiate an end to the war, bipartisan legislation proscribing even tougher sanctions on Moscow was gaining steam in the Senate.

The legislation, in part, calls for a 500% tariff on goods imported from countries that continue to buy Russian oil, gas, uranium and other exports. It would have an enormous impact on the economies of Brazil, China and India, which account for the vast majority of Russia’s energy trade.

But Trump on Monday said "at a certain point it doesn’t matter" how high the tariff is set and that "100% is going to serve the same function." Senate Majority Leader John Thune said he was putting the legislation on hold following Trump's announcement.

Trump during his campaign described the conflict as a waste of US taxpayer money and vowed to quickly end it on his first day back in office. He deflected when asked by a reporter on Tuesday if his tougher tone on Putin suggests he's now on Ukraine’s side in the bloody conflict.

"I’m on nobody’s side," Trump said, adding this concern was for "humanity."

US officials say they are still sorting through Ukraine’s wish list of weaponry to determine what can be most quickly replaced after Trump announced an agreement for Europe to supply Ukraine with defensive munitions from existing stocks.

The officials, who spoke on condition of anonymity to discuss arms transfers that have not yet been approved or completed, said Ukraine’s requests for military equipment are roughly the same as they have been since the start of Russia’s invasion. Those include air defenses like Patriot missiles and Advanced Precision Kill Weapon Systems, long-range missiles known as ATACMS and short- to medium-range ground-to-air missiles known as NASAMs, and assorted artillery, according to the officials.

Under the terms of the very rough agreement sketched out by Trump and Rutte on Monday, NATO members would ship billions of dollars of these weapons to Ukraine and then purchase replacements for them from the United States.

One official said some of the larger items, such as Patriots, could take up to five years to produce to deliver to the European donors, while smaller munitions like 155mm artillery shells can be produced on a much shorter timeline.

Trump has lately changed his once friendly tune toward Putin, whom he has long admired and whom he sided with publicly over his national security team during his first term when asked whether Russia had interfered in the 2016 election.

In recent weeks, Trump has chastised Putin for continuing his brutal assault on Ukrainian cities, even noting that the Russian leader "talks nice and then he bombs everybody."

Trump has continued to blame his White House predecessors for Putin's 2022 invasion on neighboring Ukraine — a conflict he says would have never happened if he were reelected in 2020.

"He’s fooled a lot of people," Trump said Monday at the White House. "He fooled Clinton, Bush, Obama, Biden. He didn’t fool me."

In February, Trump expressed confidence that Putin "will keep his word" on any deal to end the war in Ukraine. But in an interview with the BBC published Tuesday, when asked whether he trusted Putin, Trump paused before answering.

"I trust almost nobody, to be honest with you," Trump said. "I’m disappointed in him, but I’m not done with him. But I’m disappointed in him."