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The lawyers of Halkbank, a state-owned bank in Turkey, will today try to persuade a New York court to dismiss the allegations of federal prosecutors. The bank allegedly circumvented US sanctions on Iran by regulating cash flow from Iranian oil and gas sales through the US banking system, among other allegations. Halkbank has long argued that they cannot be brought to court in the US. But the case law says the opposite. In an earlier trial, one of the bank’s executives was found similarly convicted and sentenced to 32 months in prison. If the court continues this case, the bank could face a fine of billions of dollars. A guilty verdict will also damage the reputation of the Turkish banking industry and make the government of this country ugly. US prosecutors have accused some former Turkish cabinet officials of backing the plot, sometimes in exchange for millions of dollars in return.