Controversy Engulfs UK Banks Over Iranian Petrochemical Connections

UK banks have provided bank accounts to holding companies linked to a state-backed Iranian petrochemicals company which has been under western sanctions since 2018, according to reports. The Financial Times reported that both Lloyds and Santander provided accounts to British front companies owned by Petrochemical Commercial Company (PCC). PCC is a sanctioned Iranian petrochemicals company accused by the US of helping to raise hundreds of millions of dollars for the Iranian Revolutionary Guard and of working with Russian intelligence agencies. Both…