Standard Chartered fined £20m for breaching sanctions against Russia

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Standard Chartered fined £20m for breaching sanctions against Russia

By Helen Cahill, Financial Mail On Sunday

Published: | Updated:

Standard Chartered has been fined £20 million for breaching sanctions against Russia. 

The British bank handed out 21 loans worth close to £100 million to the Russian-owned DenizBank between April 2017 and January 2018 – breaking sanctions imposed after Moscow annexed Crimea from Ukraine in 2014. 

Punished: Standard Chartered handed out 21 loans worth close to £100 million to the Russian-owned DenizBank

The rules were introduced to stop Russian businesses accessing European Union funds. 

The fine was reduced by £11 million because Standard Chartered disclosed the breaches to officials and handed an internal report to the UK Treasury’s Office of Financial Sanctions Implementation, which issued the penalty. 

A spokesman for Standard Chartered – shirt sponsors of Liverpool FC – said: ‘We did not wilfully breach the sanctions. 

‘We remain unwaveringly committed to complying with all applicable financial sanctions regulations.’ 

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