Barclays Bank PLC has reached a $298 million agreement with U.S. and New York authorities to settle charges that it facilitated financial payments for parties and countries facing U.S. sanctions.

Court documents filed in a District of Columbia federal court said that Barclays will forfeit $149 million pursuant to an agreement with the Justice Department and another $149 million in a separate agreement with the New York County District Attorney's office.

Barclays will also be subject to a two-year deferred prosecution agreement, which will let it avoid prosecution if it complies with specified requirements.

Prosecutors said in the documents that Barclays facilitated payments by parties in Cuba, Iran, Libya, Burma, Sudan and other countries subject to U.S. sanctions.

The documents indicated that Barclays accepted responsibility for its conduct.

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