The UK’s Office of Financial Sanctions Implementation (OFSI) has fined the London branch of Citibank approximately £4.73 million ($6.4 million) for violating Russian sanctions.

Between 2022 and 2025, the bank processed 970 illicit transactions totaling roughly £19.7 million, with most violations taking place between February and November 2022 following Russia’s invasion of Ukraine. The breaches spanned several banking services—such as correspondent banking, payment processing, and account restrictions—driven by the branch’s heavy exposure to Russian clients, local financial institutions, and its former Russian subsidiary, AO Citibank.

While OFSI recognized the steep operational challenges banks faced amid rapidly shifting sanctions, it determined the infractions still merited financial discipline. Because Citibank proactively reported most of the violations, cooperated with authorities, remediated its systems, and agreed to a settlement, the regulator applied two 20% discounts to reduce the final penalty, which was finalized in August 2026.