UK penalises London branch of German bank for violating sanctions against Russia

The London branch of Deutsche Bank has been fined £165,000 (about US$221,000) for breaching the UK's sanctions regime against Russia.

As reported by Reuters, the bank made two payments in June and July 2022 totalling approximately £635,619 to a Russian entity that had become affiliated with a sanctioned organisation.

According to the UK's Office of Financial Sanctions Implementation (OFSI), the London branch voluntarily disclosed the payments to OFSI in September 2022, making it eligible for a 45% reduction from the original £300,000 penalty.

"Deutsche Bank takes ​sanctions compliance extremely seriously. We have ‌strengthened ⁠and continue to strengthen all aspects of our sanctions compliance framework and associated processes," a bank spokesperson said.

In 2025, five people in Germany were convicted of violating sanctions against Russia.

In April, the Riga City Court in Latvia fined a businessman €10,140 for attempting to breach European Union sanctions against Russia.