Citibank's London branch has been fined £4.7 million by the UK's Office of Financial Sanctions Implementation (OFSI) for processing hundreds of transactions that breached Russian sanctions.
The breaches involved approximately 970 payments totaling around £19.7 million. These transactions, primarily occurring between February and November 2022, were made to Russian banks including Alfa-Bank JSC, PJSC Gazprombank, and Credit Bank of Moscow. The full-scale invasion of Ukraine began in February 2022.
OFSI found that errors led to individuals or companies accessing funds or making payments that should have been restricted under sanctions regulations. While the watchdog stated there was no intention to undermine sanctions, the breaches were found to have significantly undermined their effectiveness.