bankingcompliance

UK fines Citibank £4.7m for processing 970 payments breaching Russia sanctions

The UK's Office of Financial Sanctions Implementation fined Citibank's London branch £4.7 million ($6.35 million) for 970 payments worth £19.7 million that breached Russia sanctions. Most breaches occurred between February and November 2022, involving accounts linked to Sovcomflot, Alfa-Bank, Gazprombank, and Credit Bank of Moscow.