The bank committed violations in 2016-2020, RIA Novosti writes, citing data from the US Treasury Department.
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US bank State Street to pay $7.5 million for violating sanctions against Russia
“State Street has agreed to a pre-trial settlement of potential civil liability for 38 apparent violations of Treasury Office of Foreign Assets Control sanctions,” the department said in a statement.
It is worth noting that the financial institution owes such a large amount for editing or reissuing invoices to clients who at that time were under anti-Russian sanctions.
According to representatives of the US Treasury Department, the violations were “flagrant” and the amount of compensation became so large after the bank voluntarily failed to disclose them.
State Street Corporation is an American holding company that currently carries out not only depository activities, but also investment activities. It is the second oldest operating bank in the United States. Its headquarters are located in Boston, Massachusetts.
We previously wrote that US officials proposed introducing new sanctions against tankers that help export Russian oil, preventing the price ceiling set in 2022.
Author:
Nikolai Tikhonov
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
