WASHINGTON — 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.

According to court documents filed in a Washington, D.C., federal court, Barclays will forfeit $149 million pursuant to an agreement with U.S. 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 allow it to avoid prosecution if it complies with a list of requirements.

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

Court documents indicate Barclays has accepted responsibility for its conduct.

A Washington federal judge must approve the Justice Department settlement, and has called a 1 p.m. hearing on the matter.

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