Reported by Mengqi Sun

State Street has agreed to pay about $7.5 million to settle allegations a subsidiary of the financial-services firm received payments and redacted invoices from two Russian entities that faced U.S. sanctions restrictions. 

The subsidiary, Charles River Development, a financial technology company specializing in software for communicating trading information, allegedly altered the dates and reissued invoices and accepted contractual payments from two clients majority-owned by Russian banks Sberbank or VTB Bank between 2016 and 2020, according to the U.S. Treasury Department’s Office of Foreign Assets Control. 

Sberbank and VTB Bank are among entities facing U.S. sanctions measures that restrict U.S. companies and individuals from dealing in their new debt beyond specified periods of maturity. The time periods differ based on when the debt was issued.

Read full report: https://www.wsj.com/articles/state-street-to-pay-7-5-million-to-settle-allegations-of-russia-related-sanctions-violations-23167290