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FinanceUK fines Citigroup London branch £4.7 mln for Russia sanctions breaches
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The United Kingdom's Office of Financial Sanctions Implementation (OFSI) has fined Citigroup's London branch more than £4.7 million ($6.3 million) for processing hundreds of transactions in violation of sanctions against Russia. The bank handled 970 payments totaling over £19.7 million for accounts that should have been restricted. Most breaches occurred in the months following Russia's 2022 invasion of Ukraine, which triggered international sanctions against Russian individuals and businesses. However, some transactions voluntarily flagged by Citi took place as late as 2025. OFSI described the errors as 'material and significant,' occurring across multiple business areas and systems. Citi stated it was pleased to conclude the matter and noted it proactively engaged and cooperated with OFSI throughout the 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.
Key Details
- Most 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.
- Some 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."
Citi's Response
"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