Citibank's UK Branch Hit with GBP5 Million Fine Over Breaches of Russia Sanctions

07:30 AM EDT, 09/02/2026 (MT Newswires) -- The UK imposed a 4.7 million-pound-sterling penalty on Citibank's UK branch, CBNA London, over its breaches of the country's financial sanctions regulations against Russia. HM Treasury's Office of Financial Sanctions Implementation said Wednesday it found multiple transactions that led to breaches across CBNA London's operations, many of which stemmed from specific systems and controls issues and/or errors by the company's staff, or staff in the wider Citi group acting on its behalf. The majority occurred between February and November 2022, following Russia's invasion of Ukraine. The regulator said the fine amount reflects a 20% discount for voluntary disclosure and cooperation, as CBNA London voluntarily disclosed the majority of the breaches.