Accounts in two of Britain’s largest banks, Lloyds and Santander UK, were used in a broader scheme tied to Iran’s efforts to circumvent economic restrictions. A Financial Times investigation shows how funds moved covertly across borders as part of Tehran’s intelligence-backed plan to undermine sanctions. The Petrochemical Trading Company, an Iranian entity linked to the country’s leadership, allegedly operated from a headquarters near Buckingham Palace and directed a network that the United States has described as funneling hundreds of millions of dollars to the Quds Force, a unit of the Islamic Revolutionary Guard Corps known for asymmetric warfare. The same network has been alleged to collaborate with Russian intelligence agencies, with the aim of funding Iranian proxies. Since November 2018, both the Petrochemical Commercial Company and its British subsidiary have been sanctioned by the United States.
Accounting records and numerous emails reviewed by the Financial Times indicate that the Iranian firm has relied on British entities since sanctions began to bite. Funds were received from front organizations registered in China while the true ownership of the recipient companies was masked through trust agreements and nominee directors. One example cited is Pisco UK, registered to a Surrey residence and operating a business account with Santander UK. The arrangement illustrates how financial channels were kept active even as formal sanctions tightened the screws on Tehran’s overseas operations.
In the United Kingdom, the arrangement appears to be connected to a British citizen identified in official business registries as Abdollah-Siauash Fahimi. Internal documents posted online by an Iranian dissident outlet corroborate that Fahimi’s role was to sign a deal securing control of the firm in his name, while real authority rested with the Petrochemical Trading Company. Fahimi previously served as director of the Petrochemical Commercial Company UK from April 2021 to February 2022 and is said to have used a chemical industry email address to maintain ongoing contact with officials in Tehran. When contacted for comment, Santander UK stated that it could not discuss relationships with individual customers but emphasized a strong focus on sanctions compliance. A source familiar with the case noted that the Pisco account’s closure was a development aligned with compliance efforts.