Britain's Office of Financial Sanctions Implementation (OFSI) fined Citibank's London unit CBNA London £4.7 million ($6.35 million) on 2026-09-02 for making funds available for the benefit of parties covered by Russia sanctions. ^[1] The Office of Financial Sanctions Implementation (OFSI) fined Citigroup's London branch more than $8 million for handling hundreds of transactions in breach of sanctions against Russia. ^[2] The UK Ministry of Finance announced it doubled the maximum fines for Russia sanctions violations from 50% to 100% of the value of the sanctions-related breach. ^[3] OFSI said it does not consider there to have been any intent by CBNA London to breach sanctions, but the errors and failings were material and significant and occurred across a wide range of business areas and systems. ^[4] OFSI said many of the breaches arose in the aftermath of sanctions initially being imposed, which placed 'significant strain on the bank's alert handling and investigation processes'. ^[5] OFSI said on 2026-09-02 that the majority of the sanctions breaches by CBNA London occurred between February and November 2022. ^[6] OFSI stated that Citibank's London branch processed 970 payments worth a total of more than $19.7 million for accounts that should have been restricted. ^[7] The Office of Financial Sanctions Implementation (OFSI) said the errors were material and significant and occurred across a wide range of business areas and systems within the bank. ^[8] In August, London introduced new sanctions against Russian ships, banks, and industrial companies to limit financing of Russia's war economy. ^[9] In May, the UK took measures against cryptocurrency trading platforms, banks, and financial networks linked to Russia, freezing their assets and banning UK companies from processing their payments or maintaining banking ties with them. ^[10] UK Defense Minister John Healey said London wants to increase economic pressure on Russian President Vladimir Putin and those helping finance the war in Ukraine. ^[11] As of 2025, Citigroup had ceased almost all institutional banking services in Russia and obtained approval from Russian President Vladimir Putin in November 2025 to sell its bank inside the country. ^[12]