Iran used UK banks to bypass sanctions, reports reveal.

February 5, 2024
1 min read

In a report published on Sunday (February 4th), the Financial Times claims that Great Britain’s Santander UK and Lloyds were used to bypass sanctions imposed on Iran, citing documents obtained by the newspaper. The Financial Times reports that the UK branches of Iranian state-linked Petrochemical Commercial Company continued to operate, receiving funds from Iranian front operations in China after November 2018. The papers suggest that both Petrochemical Commercial Company and its UK branch have been targeted by US sanctions. So far, Lloyds and PCC have yet to comment, while a spokesperson for Santander UK stated: “We are unable to comment on specific client relationships. Santander abides by its legal and regulatory obligations, and we are highly focused on sanctions compliance. Where we identify sanctions risks, we will investigate and take appropriate action.”

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