Citigroup fined $8 million in Britain for Russia sanctions breaches
Most of the breaches occurred in the months after Russia’s invasion of Ukraine in 2022.
Britain has imposed a fine of over £4.7 million (S$8 million) on Citigroup's local business for handling hundreds of transactions that violated sanctions against Russia. The Office of Financial Sanctions Implementation (OFSI) stated that Citibank's London branch processed 970 payments worth more than £19.7 million for accounts that should have been restricted.
Most of the breaches occurred after Russia's invasion of Ukraine in 2022, which led to international sanctions against Russian individuals and businesses. However, some transactions that Citigroup voluntarily reported to OFSI were conducted as late as 2025. OFSI emphasized that the errors were "material and significant" and occurred across various business areas and systems within the bank.
Citigroup's spokesperson expressed satisfaction with concluding the matter with OFSI, highlighting the proactive engagement and cooperation with sanctions authorities. The bank had already halted almost all institutional banking services in Russia as of 2025 and obtained approval from Russian President Vladimir Putin to sell its operations there in November 2025.
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