London bank fined for violating British sanctions against Russia

The UK’s Office for Financial Sanctions Enforcement (OFSI) has fined the London branch of the American bank Citibank NA (CBNA London) £4,732,830.58 for breaching UK sanctions rules, including restrictions against Russia.

This is stated in the OFSI statement released on September 2.

The OFSI adopted the decision on the fine on August 11, 2026, and made it public on September 2. The violations related to the 2019 sanctions against Russia and the 2021 global anti-corruption sanctions.

Most of the violations occurred between February and November 2022. OFSI noted that after the introduction of new sanctions, the bank had to process significantly more reports, which created an additional burden on its internal processes.

At the same time, the British regulator emphasized that it does not believe that the bank intentionally violated sanctions. However, the errors and shortcomings identified were significant and related to various areas of work and systems of CBNA London.

In particular, a fine of £4.732 million was one of the measures taken by the British authorities for non-compliance with financial sanctions.

Earlier it was reported that the United Kingdom has expanded sanctions against Russia, adding 12 companies, one individual and six vessels to the list of restrictions. The new sanctions concern the financial, energy and industrial sectors of the Russian Federation.

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