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Evening Standard
Evening Standard
Business
Anna Wise

Citibank’s London unit fined £4.7m for breaching Russia sanctions

Citi Citibank London Russia United States OFSI
The majority of the transactions occurred between February and November 2022, following Russia’s invasion of Ukraine (Ian Nicholson/PA) - (PA Archive)

Citibank’s London branch has been fined £4.7 million by a UK Treasury body for breaching Russian financial sanctions rules in 2022.

The division of the US-based investing banking group processed hundreds of payments between accounts linked to designated Russian companies and individuals, the Office of Financial Sanctions Implementation (OFSI) found in an investigation.

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