Citibank has been handed a £4.7 million ($6.37 million) fine after its London branch violated the U.K.’s Russian sanctions regime by processing nearly £20 million ($27.1 million) in illegal payments to designated individuals and organizations.
The U.K.’s Office of Financial Sanctions Implementation (OFSI) said that the majority of the breaches occurred between February and November 2022 following Russia’s invasion of Ukraine on Feb. 24, 2022.
