Standard Chartered Fined £20.5M For Violating Sanctions

Law360, London (March 31, 2020, 12:44 PM BST) -- The U.K.'s sanctions enforcer imposed its first substantial penalty on Tuesday by fining Standard Chartered Bank £20.5 million ($25.3 million) for violating European Union sanction rules over Ukraine transactions.  

Standard Chartered breached EU rules by providing loans to a subsidiary of a Russian bank "over an extended period of time," the sanctions enforcer said. (AP) The Office of Financial Sanctions Implementation, which sits within HM Treasury, said the lender had breached EU rules by providing loans to a subsidiary of Russia’s Sberbank between 2015 and 2018.

"The failings persisted over an extended period of time," the sanctions office said Tuesday....

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