Iran Allegedly Used Lloyds And Santander To Circumvent US Sanctions: Report
Portfolio Pulse from Benzinga Neuro
Iranian entities, including the Islamic Revolutionary Guard Corps, reportedly used Lloyds Banking Group PLC (NYSE:LYG) and Banco Santander SA (NYSE:SAN) to evade U.S. sanctions. The banks are under investigation by U.S. authorities for their potential involvement in these transactions. The situation escalates tensions between the U.S. and Iran, amid concerns over Iran's support to Houthi rebels in Yemen.
February 05, 2024 | 7:43 am
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Lloyds Banking Group PLC is under investigation for potentially facilitating transactions to evade U.S. sanctions by Iranian entities.
Being under investigation for facilitating sanction evasion activities could lead to legal repercussions, fines, and damage to reputation for Lloyds Banking Group PLC, likely negatively impacting its stock price in the short term.
CONFIDENCE 75
IMPORTANCE 90
RELEVANCE 80
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Banco Santander SA is implicated in reports of facilitating transactions for Iranian entities to evade U.S. sanctions, with potential investigations looming.
Banco Santander SA's reported involvement in sanction evasion activities for Iranian entities puts it at risk of legal challenges and fines. This situation could harm the bank's reputation and negatively affect its stock price in the short term.
CONFIDENCE 75
IMPORTANCE 90
RELEVANCE 80