Deutsche Bank's London Branch Penalized for Breaching Russian Sanctions
Overview of the Sanctions Breach and Penalty
Details of the Fine
LONDON, May 19 (Reuters) - Deutsche Bank's London branch has been fined 165,000 pounds ($221,084) for breaching Britain's Russia sanctions regime in 2022, the sanctions enforcement regulator said on Tuesday.
Nature of the Payments
The bank processed two payments in June and July 2022, totalling around 635,619 pounds, to a Russian entity that had become affiliated with a sanctioned entity, the government's Office of Financial Sanctions Implementation said.
Bank's Response
"Deutsche Bank takes sanctions compliance extremely seriously," a spokesperson said. "We have strengthened and continue to strengthen all aspects of our sanctions compliance framework and associated processes."
Self-Reporting and Penalty Reduction
The bank's London branch self-reported the payments to OFSI in September 2022, qualifying for a 45% discount to an original 300,000-pound penalty.
OFSI's Enforcement Regime
OFSI introduced a new enforcement regime in February 2026 to allow such cases to be settled.
Exchange Rate Information
($1 = 0.7463 pounds)
(Reporting by Kirstin Ridley and Sarah Young. Editing by William James and Mark Potter)
