Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 691

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 691
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 activity that occurred in 2024, the reporting period covered by this annual report. For completeness, we also include activity that we became aware of in 2024, even if such activity occurred prior to the reporting period. Except as noted below, Barclays intends to continue the activities described. Barclays does not allocate profits at the level of these activities, which in any event would not be significant, and we therefore report only gross revenue where measurable. Barclays attributed revenue of approximately GBP 16,780 in relation to the activities disclosed below. Legacy Guarantees Between 1992 and 2006, Barclays entered into several guarantees for the benefit of Iranian banks in connection with the supply of goods and services by Barclays customers to Iranian buyers (the “Iranian guarantees”). These were counter guarantees issued to Iranian banks to support guarantees issued by these banks to the Iranian buyers. The Iranian banks and a number of the Iranian buyers were either subsequently designated as Specially Designated Nationals and Blocked Persons (“SDNs”) by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) or are owned by the Government of Iran. In addition, between 1993 and 2005, Barclays entered into similar guarantees for the benefit of a Syrian bank that was subsequently designated pursuant to the Weapons of Mass Destruction Proliferators Sanctions Regulations (“WMDPSR”) in August 2011 (the “WMDPSR guarantees”). These guarantees were issued either on: (i) an “extend or pay” basis, which means that, although the guarantee is of limited duration on its face, until there is full performance under the contract to provide goods and services, the terms of the guarantee require Barclays to maintain the guarantee or pay the beneficiary bank the full amount of the guarantee; or (ii) the basis that Barclays’ obligations can be discharged only with the consent of the beneficiary counterparty. Barclays is not able to exit its obligations under the above guarantees unilaterally, and thus it maintains a limited legacy portfolio of these guarantees, which complied with applicable laws and regulations at the time they were entered into. Barclays intends to terminate the guarantees where an agreement can be reached with the counterparty, in accordance with applicable laws and regulations. Barclays attributed no revenue in 2024 in relation to the Iranian guarantees and revenue of approximately GBP 15,330 in 2024 in relation to the WMDPSR guarantees. Lease Payments Barclays is party to a long-term lease, entered in 1979, with the National Iranian Oil Company (“