Standard Chartered fined for violating sanctions against russia

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U.K. authorities have fined Standard Chartered PLC for violating sanctions imposed on russia following its annexation of the Crimea in 2014, the WSJ reports.

The British bank must pay $25.41 million for violating the EU’s sanctions against russia, the U.K. Treasury’s Office of Financial Sanctions Implementation said in a decision published Tuesday. The fine is the largest imposed yet by the agency, which was created in 2016.

The penalty is the consequence of a series of loans Standard Chartered made to a Turkish bank owned by Sberbank of russia—one of the entities blacklisted by the EU in July 2014.

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