Barclays Bank will pay $298 million to settle criminal charges that it broke US sanctions via dealings with banks in Cuba, Iran, Libya, Sudan and Myanmar (Burma), according to media reports.

Court documents allege that "Barclays violated both US and New York state criminal laws by knowingly and willfully moving or permitting to be moved hundreds of millions of dollars through the US financial system on behalf of banks from Cuba, Iran, Libya, Sudan and Myanmar.”

Barclays spokesman in New York, Michael O'Looney, confirmed that the bank and the US authorities were seeking court approval of a deferred prosecution agreement over US dollar payments "involving countries, persons and entities subject to US economic sanctions" and declined to comment further as "this matter is pending before the court."