ISTANBUL, (Reuters) – Turkey’s Halkbank shares rose more than 8% Monday as a U.S. appels court placed its federal government prosecution for allegedly aiding Iran evade American sanctions on hold. The bank is appealing to the U.S. Supreme Court.

Halkbank shares were 8.5% more at 5.59 lire at 0727 GMT

Halkbank, in a statement sent to Istanbul’s stock exchange stated that “The Bank intends to file a petition to the U.S. Supreme Court.” It stated that the proceedings at the District Court would be stopped until the Supreme Court process is complete.

According to the U.S. Department of Justice, a delay was not allowed because Halkbank’s “meritless claims” did not raise “substantial” issues nor overcome the public interest in a fast trial.

Halkbank pleaded guilty to bank fraud and money laundering. It was accused of using money servicers in Iran, Turkey, and the United Arab Emirates as a means to avoid sanctions.

The alleged misconduct involves Iran’s secret transfer of $20 billion in restricted funds to Iran, $1 billion which was laundered through U.S. financial systems, as well as converting oil revenues into gold, then cash, for Iranian interest.

The 2nd Circuit ruled that Halkbank can be prosecuted in a decision dated Oct. 22, because the alleged misconduct was commercial and not subject to sovereign immunity.

Halkbank stated that the decision was inconsistent with Supreme Court precedents because it “glows the first criminal prosecution of a foreign sovereign within the nation’s historical history.”

Additionally, it stated it will suffer irreparable injury if required to defend against “a situation from which it’s immune.”

Most appeals are denied by the Supreme Court. The Supreme Court received 5,307 petitions in its last term and heard arguments on 72 cases.