Citibank Fined $6.39 Million for Sanctions Violations Related to Russia

The UK's Office of Financial Sanctions Implementation has fined Citibank's London branch £4.73 million, equivalent to approximately $6.39 million. The penalty follows the processing of 970 transactions totaling £19.7 million that provided funds to sanctioned Russian entities. While investigators found no evidence of intentional wrongdoing, the fine was issued due to significant operational failures, with most violations occurring in 2022 following the invasion of Ukraine.