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Swedbank fined $3.4m over Crimea sanctions violations

Swedbank's logo as a statue in front an office
Photo: Swedbank

Martina Lindberg

2 min read
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The bank’s Latvian subsidiary was found making 386 transactions that violated OFAC’s sanctions.

Swedbank AS in Latvia, a subsidiary of Sweden’s oldest bank Swedbank AB, will pay $3,430,900 to the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) to settle its potential Crimea sanctions.

Allegedly, throughout 2015 and 2016, OFAC found 386 violations of its Crimea sanctions, where a Swedbank

“This case illustrates

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