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.
29 Articles
29 Articles
Citibank Slapped With a $6,391,119 Fine Over Payments That Breached Sanctions on Russia
Britain's financial sanctions office penalized Citibank's London branch £4.73 million for processing 970 payments worth £19.7 million that made funds available to designated Russian entities. Most breaches occurred in 2022 after the invasion of Ukraine, with no intent found but significant operational failings cited.
The London branch of the American bank Citibank was fined 4.7 million British pounds (6.3 million USD) for violating anti-Russian sanctions, the Financial Sanctions Enforcement Office of the UK Treasury announced. It is noted that the bank processed 970 payments totaling 19.7 million British pounds (26.6 million USD) in violation of sanctions legislation. The bank is accused of carrying out transactions with Russian individuals and companies inc…
The London branch of Citibank is fined $6.3 million for processing almost a thousand payments on behalf of sanctioned individuals and companies in Russia, and the London branch of the American Bank of Citibank has ordered the payment of Pound4.7 million, equivalent to $6.3 million, for non-compliance with restrictive measures against Moscow, from TASS, which was decided by the Financial Sanctions Implementation Authority of the British Ministry …
The London office of Citibank has committed a number of sanctions violations against Russia, including operations in favour of sanctioned persons.
Evening Standard
Citibank’s London unit fined £4.7m for breaching Russia sanctions
In total, some 970 payments worth about £19.7 million were considered to be breaches.
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 [...]
Coverage Details
Bias Distribution
- 46% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
