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Santander, Lloyds Implicated in Helping Iranian Entity Sidestep Western Sanctions
02/11/2024
A state-owned petrochemical company from Iran was operating from an office located near Buckingham Palace.
Reports suggest that Santander UK and Lloyds Banking Group, two big UK banks, are involved in managing accounts for companies that reportedly helped Iranian organizations avoid US sanctions. These banks are said to have supported companies linked to an Iranian petrochemical company, which has been facing sanctions from Western countries since 2018.
The Financial Times obtained a document indicating that Lloyds and Santander UK offered banking services to UK-based companies owned by the Petrochemical Commercial Company (PCC), which was sanctioned by the US in 2018. The sanctions were due to claims of PCC funding the Iranian Revolutionary Guard and collaborating with russian intelligence. PCC's UK branch was also sanctioned but kept operating in London, maintaining a complex network of companies in the UK and abroad to disguise its real ownership.
“Santander is not in breach of US sanctions based on our investigation. We have policies and procedures in place to ensure we comply with sanctions requirements and will continue to engage proactively with relevant UK and US authorities,” Santander said in the message.
Lloyds is also disputing the allegations detailed in the FT report.
“This is, frankly, a shocking failure to act in lockstep with our allies to shut down the financing of a hostile regime. It beggars belief that a business sanctioned by the US is freely trading in London.”
- Liam Byrne, Labour MP and chair of the business and trade committee
These documents revealed that PCC managed to receive money from related companies in China while hiding the true owners using legal agreements and nominee directors. For example, a company named Pisco UK, located at a house in Surrey and banking with Santander UK, and another company, Aria Associates, which banks with Lloyds, were part of this network.
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