London fines Bank of Scotland for violating sanctions against Russia

The UK Office of Financial Sanctions Implementation (OFSI) has fined the Bank of Scotland for violating sanctions against Russia, according to the British government's website.

The case concerns a UK-registered subsidiary of Lloyds Banking Group (LBG). The fine amounted to £160,000 ($218,600). According to OFSI data, in February 2023, the bank processed 24 payments totaling approximately £77,000 from the personal account of an individual subject to UK sanctions.

As noted in the document, the bank initially did not notice that the individual was subject to restrictions because he was a British citizen and used a passport in which his name was written with a different transliteration than that on the sanctions list.

OFSI initially planned to impose a fine of £320,000, but took into account that Lloyds Banking Group itself reported the violation to the regulator. The maximum possible fine under the law is £1 million.

The UK last tightened sanctions against Russia in December 2025. London imposed sanctions against Tatneft and RussNeft. Prior to that, restrictions were imposed on entrepreneurs Otar Partskhaladze and Levan Vasadze, the IT company Aeza Group, and the helicopter company HeliCo Group. Restrictions were also imposed on the ships Bavly and Karakuz.

A year ago, the British Foreign Office, announcing the "largest sanctions package" against Russia, declared its readiness to "tighten the screws" on Moscow. At the same time, London emphasized its commitment to working with the US and European countries to achieve a "sustainable, just peace."

Moscow considers Western sanctions illegal. In response to "hostile actions by the British side," Russia has repeatedly banned entry to British citizens.

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