Britain’s Office of Financial Sanctions Implementation fined Citibank’s London branch £4,732,830.58 for processing 970 payments totaling approximately £19.72 million in violation of Russia sanctions. The transactions involved designated Russian individuals and entities as well as PJSC Sovcomflot, Russia’s largest shipping company. The bank received a 40% reduction on the penalty for voluntary disclosure and cooperation with the investigation. OFSI stated that the breaches resulted from broken controls rather than deliberate evasion. Some violations continued into 2025, nearly three years after the initial wave of designations.
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