UK fines Citibank London $6 million over Russia sanctions breaches
OFSI said the bank processed 970 payments worth more than £19.7 million for accounts that should have been restricted.
- On Wednesday, Britain's Office of Financial Sanctions Implementation fined the Citibank London branch £4.7 million for breaching Russia sanctions by enabling multiple transactions for restricted entities.
- The bank processed 970 payments worth over £19.7 million that breached sanctions, including accounts for PJSC Sovcomflot and Alfa-Bank, mostly between February and November 2022 following Russia's invasion of Ukraine.
- OFSI noted many breaches arose immediately after sanctions were introduced, placing "significant strain on the bank's alert handling and investigation processes," though the regulator found no evidence of intentional wrongdoing.
- A Citi spokesperson said the unit "proactively" cooperated with the investigation, voluntarily disclosed most breaches, and remains committed to a "strong and effective control environment."
- By 2025, Citigroup had ceased almost all institutional banking services in Russia and obtained approval from Russian President Vladimir Putin to sell AO Citibank to Renaissance Capital.
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Citibank hit with £5m fine for violating UK sanctions on Russia
Citibank has been hit with a fine of nearly £5m after regulators found it violated the UK’s sanctions regime on Russia. The Wall Street giant’s London branch was found to have processed £19.7m in illicit transactions spanning 970 payments. The Office of Financial Sanctions Implementation (OFSI) ruled that, in one instance, Citi failed to freeze [...]
UK fines Citibank London US$6 million over Russia sanctions breaches
Britain on Wednesday (Sep 2) fined Citibank £4.7 million (US$6.35 million) under its Russia sanctions regime, stating that the US bank’s CBNA London unit had made funds available for the benefits of those covered by sanctions. Read more at The Business Times.
On Wednesday, the United Kingdom imposed a fine of £4.7 million (US$ 6.35 million) on Citibank under its sanctions regime on Russia, stating that the US bank's CBNA London unit made funds available for the benefit of natural or legal persons subject to restrictions. The United Kingdom Department of Financial Sanctions (OFSI) stated that most of the infringements occurred between February and November 2022 and that the financial institution itsel…
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