Turkey’s banking regulator has revoked the license for Bank Melli’s branch in Istanbul after 44 years, the Financial Times also reported.

In response to the Islamic Republic’s maritime blockade and disruption in the Strait of Hormuz, the report says, the Islamic Republic has moved more of its trade to land routes, including the Turkey border; however, capacity and infrastructure limitations have increased costs, and these routes cannot replace sea trade.

Faryaa Thabati, a reporter for Iran International, reports.