Standard Chartered Bank has been fined a record £20.4 million (U.S. $24.9 million) for a “most serious” breach of sanctions by providing around £97.4 million (U.S. $119.1 million) in loans to a Russian bank in the Ukraine.
The U.K.’s Office of Financial Sanctions Implementation (OFSI), part of the Treasury, handed the U.K.-based bank two penalties worth £7.6 million (U.S. $9.3 million) and £12.7 million (U.S. $15.5 million) for breaching European Union financial sanctions put in place in 2014 following Russia’s annexation of Crimea.
