British bank punished for violation of sanctions against Russian Federation


British authorities issued two fines to London Bank for violation of sanctions

British bank was caught ignoring sanctions against Russian Federation: how criminals were punished

The OFSI (British Financial Sanctions Implementation Authority) fined Standard Chartered Bank of London for violating EU sanctions on the Russian Federation for violating Ukraine’s territorial integrity.

Standard Chartered Bank credited the Turkish Denizbank, who was Sberbank’s “daughter” at the time and came under European sanctions. The fine was £ 20.47 million. This is the largest fine the British regulator has ever imposed.

Standard Chartered Bank issued 102 loans to DenizBank from April 2015 to January 2018. In 2014 Sberbank fell under EU sanctions. Thus, the ban also applies to DenizBank.

EU laws prohibit the issuance of loans for organizations subject to restrictions with maturities of more than 30 days. At the same time, some of the loans issued by a London bank were not illegal. Of all bank loans, only 21 loans totaling £ 97.4 million violate sanctions against the Russian Federation, they were realized from April 7, 2018 to January 26, 2018.

Summary PAYSPACE magazine

Remember that Venezuela will bypass US sanctions through the Russian payment system. Venezuela has already asked the Russian regulator to provide more information about this system.

However, before Venezuela can launch a new platform, authorities will have to seek approval from the Central Bank of Russia. Note that if the United States bans the use of the international interbank payment network SWIFT, it will greatly affect Venezuela’s economy.

Read: GDPR in detail: how to meet requirements and avoid fines.


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