Bank of Scotland penalised for breaching Russian sanctions law

Bank of Scotland, a unit of Lloyds Banking Group, has been fined by the UK watchdog over an account for a sanctioned individual. The bank was fined £160,000 ($219,268.8) by the Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, in this regard. Although the watchdog did not name the concerned individual, several media sources identified the person to be Dmitrii Ovsiannikov, previously governor of Sevastopol in Russian-occupied Crimea. Ovsiannikov was later sentenced to 40 months i ...