OFSI imposes £4.7 million penalty on Citibank London Branch

Office of Financial Sanctions Implementation HM Treasury

OFSI imposes £4.7 million penalty on Citibank London Branch

OFSI imposes £4.7 million penalty on Citibank N.A. London Branch

The Office of Financial Sanctions Implementation (OFSI) has imposed a £4,732,830.58 monetary penalty on Citibank, N.A., London Branch (CBNA London) for breaches of the Russia (Sanctions) (EU Exit) Regulations 2019 and the Global Anti-Corruption Sanctions Regulations 2021.

The case involved 970 transactions worth approximately £19.7 million processed between 2022 and 2025. The majority of the breaches occurred between February and November 2022 following Russia's illegal invasion of Ukraine and arose across the bank's operations, including payment processing, correspondent banking and account restrictions.

CBNA London voluntarily disclosed the majority of the breaches, co-operated with OFSI's investigation and undertook remediation. OFSI applied a 20% voluntary disclosure and co-operation discount and a 20% settlement discount, resulting in a final penalty of £4,732,830.58.

Read the full penalty notice

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