(The following is a translation from BBC Persian article. A link to the original Farsi-language article can be found below.)
Barclays has agreed to pay the $298 million fine for its violation of the US-imposed sanctions. According to the United States Supreme Court, between 1995 and 2006, Barclays had engaged in illegal financial transactions worth $500 million involving sanctioned customers such as Iran, Cuba, Libya, Sudan and Burma.
Barclays, although registered in Britain, is considered to be a major institution highly active in the United States' stocks and bonds market (i.e., Wall Street.)
The Federal prosecutor said that Barclays' had concealed illicit financial transactions in fear of retribution. This bank was facing criminal charges that, once proven in court, could have led not only to hefty fines but also to jail time for some of its managers and directors.
Barclays agreed on Monday, August 16 to pay the entire $298 million in two installments, in exchange for a two-year postponement of the case and the eventual clearing of all charges against it. This agreement was made between the Federal Prosecutor and Barclays' lawyers and is still awaiting the final approval of the Federal judge in New York.
On the other hand, the United States Treasury Department has warned all foreign banks about their dealings with Iran by publishing the details of the workings of the sanctions against Iran, approved by the Congress in June.
Therefore, any bank or financial institution involved with Iranian officials, or legal entities connected to them, will have their access to the U.S. banking system severely limited-- or barred completely.
The United States has sanctioned the Revolutionary Guards Corps, several of its commanders and numerous organizations functioning under its umbrella. The U.S. Treasury Department has announced that all financial institutions involved in major transactions with individuals or legal entities related to the Sepaah (Revolutionary Guards) will be facing new limits as well.
http://www.bbc.co.uk/persian/iran/2010/08/100816_u01-barclays.shtml