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FinanceUK OFSI fines Citi London branch £4.7 mln for processing payments in breach of Russia sanctions
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The United Kingdom's Office of Financial Sanctions Implementation (OFSI) has fined Citigroup's London branch over £4.7 million ($6.3 million) for handling hundreds of transactions that violated sanctions against Russia. The OFSI stated that Citi NA's London branch processed 970 payments totaling more than £19.7 million for accounts that should have been restricted. Most of these breaches occurred in the months following Russia's 2022 invasion of Ukraine, which prompted international sanctions against numerous Russian individuals and businesses. However, some of the transactions, which Citi voluntarily flagged to the OFSI, took place as late as 2025. The OFSI, an arm of the Treasury, described the errors as 'material and significant,' occurring across a wide range of business areas and systems within the bank. In response, a Citi spokesperson expressed satisfaction with concluding the matter, noting that the unit had proactively engaged and cooperated with the OFSI throughout its investigation.
Source report
Bloomberg News
The U.K. has fined Citi's local business more than £4.7 million ($6.3 million) for handling hundreds of transactions in breach of sanctions against Russia.
The Office of Financial Sanctions Implementation (OFSI) stated that Citi NA's London branch processed 970 payments worth a total of over £19.7 million for accounts that should have been restricted.
- Most of the breaches occurred in the months following Russia's invasion of Ukraine in 2022, which triggered international sanctions against a wide range of Russian individuals and businesses.
- However, some of the transactions that Citi voluntarily flagged to OFSI took place as late as 2025.
According to OFSI, an arm of the U.K. Treasury, the errors were "material and significant and they occurred across a wide range of business areas and systems within the bank."
"We are pleased to conclude this matter with OFSI," a spokesperson for Citi said in a statement, adding that the unit "proactively" engaged and cooperated with OFSI throughout its investigation.
— Marion Dakers, Bloomberg News
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UK fines Citigroup London £4.7 million for processing 970 Russia sanctions breach payments