LONDON – Britain has fined Citigroup’s local business more than £4.7 million (S$8 million) for handling hundreds of transactions in breach of sanctions against Russia.
The Office of Financial Sanctions Implementation (OFSI) said Citibank’s London branch processed 970 payments worth a total of more than £19.7 million for accounts that should have been restricted.
Most of the breaches occurred in the months after Russia’s invasion of Ukraine in 2022, which triggered international sanctions against a swathe of Russian individuals and businesses.
However, some of the transactions that Citi voluntarily flagged to the OFSI took place as late as 2025.
The errors were “material and significant and they occurred across a wide range of business areas and systems within the bank,” according to the OFSI, an arm of the Treasury.
Some of the accounts were used by companies linked to PJSC Sovcomflot, the largest shipping company in Russia, it added.
“We are pleased to conclude this matter with OFSI,” a spokesperson for Citi said in a statement, adding the unit “proactively” engaged and cooperated with OFSI through its investigation.
“We remain committed to working closely with sanctions authorities and supporting our clients through a strong and effective control environment.”
As of 2025, Citigroup had ceased almost all institutional banking services in Russia. It obtained approval from Russian President Vladimir Putin in November 2025 to sell its bank inside the country. BLOOMBERG
