Lloyds Banking Group Subsidiary Fined for Russian Sanctions Breach

Dow Jones01-26 21:52

By Elena Vardon

A subsidiary of lender Lloyds Banking Group was fined 160,000 pounds ($218,592) by the U.K. for breaching Russia sanction regulations.

The U.K.'s Office of Financial Sanctions Implementation on Monday said that it imposed a penalty on Bank of Scotland for processing payments in February 2023 to or from a personal current account held at its trading division Halifax Bank by a sanctioned individual.

Lloyds reported the breaches voluntarily on behalf of Bank of Scotland, meaning that a discount was applied to the original 320,000-pound fine.

"We acted swiftly and transparently, proactively referring this one-off, isolated matter to OFSI and working closely with them throughout," said a Lloyds spokesperson, adding that the bank has strengthened its controls since the breach.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

January 26, 2026 08:52 ET (13:52 GMT)

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