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FinanceUK fines Citibank London branch £4.7 mln for Russia sanctions breaches
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Britain fined Citibank's London branch £4.7 million (US$6.35 million) on Wednesday, September 2, 2026, for violating the UK's Russia sanctions regime. The Office of Financial Sanctions Implementation (OFSI) stated that Citibank's CBNA London unit had made funds available for the benefit of individuals or entities covered by sanctions. The penalty highlights ongoing enforcement of financial restrictions related to Russia's actions. Citibank did not immediately comment on the fine. The case underscores the UK's commitment to enforcing sanctions and holding financial institutions accountable for compliance failures.
Source report
Published: Wed, Sep 2, 2026 · 07:45 PM
[LONDON] 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 benefit of individuals covered by sanctions.
Key Facts:
- Fine Amount: £4.7 million (approximately US$6.35 million)
- Regulator: UK authorities under the Russia sanctions regime
- Entity Fined: Citibank's CBNA London unit
- Violation: Funds were made available for the benefit of sanctioned individuals
- Date of Penalty: September 2, 2026
Source
The Business TimesWestern
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