UK Fines Citibank London for Russia Sanctions Failures
2 sources across 2 countries · Brazil · United Kingdom
Who reported this
- CNN Brasil
- Reuters
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- Left
- Centre-left
- Centre
- Centre-right
- Right
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The United Kingdom has fined the London subsidiary of Citibank 4.7 million pounds, which is approximately 6.35 million to 6.53 million US dollars, for failures in implementing sanctions against Russia. The Office of Financial Sanctions Implementation (OFSI) stated that the American bank processed 970 payments totaling 19.7 million pounds that violated the UK sanctions regime. Most of these transactions occurred between February and November 2022, following the Russian invasion of Ukraine.
According to the regulator, the violations included payments to the state shipping company PJSC Sovcomflot as well as the Credit Bank of Moscow, PJSC Gazprombank, and Alfa-Bank. The OFSI noted that while the errors were material and significant across various business areas, there was no evidence of intent to violate the sanctions. The regulator also mentioned that the bank faced significant pressure on its alert handling and investigation processes immediately after the sanctions were implemented.
Citibank voluntarily disclosed most of the violations and cooperated with the investigation. A spokesperson for the bank stated that it takes sanctions compliance seriously and continues to invest in its global compliance framework. In August 2022, Citibank announced it would reduce its exposure to Russia, and its board later approved the sale of its Russian unit to Renaissance Capital by the end of 2025.
How each side framed it
- Centre
- Outlets of this lean presented the event as a regulatory matter resulting from operational pressure and systemic errors without intentional misconduct.
Sources
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