WASHINGTON, July 27. /TASS/. US-based State Street Bank will pay $7.5 mln for the apparent violations of Russia- and Ukraine-related sanctions in 2016-2020, the Office of Foreign Assets Control (OFAC) of the US Treasury said in its statement.

According to the document, the financial institution and its subsidiary Charles River Systems agreed "to pay $7,452,501 to settle their potential civil liability for apparent violations of OFAC’s Ukraine-/Russia-Related Sanctions Regulations." The statement indicates that the case in point is at least 38 cases of invoices being "redated or reissued" for customers of the bank said to be covered by sanctions.

"The 38 apparent violations occurred between 2016 and 2020, and involved invoices totaling approximately $1,270,456" OFAC said. The settlement amount "reflects OFAC’s determination that the apparent violations were egregious and not voluntarily self-disclosed," according to the document. State Street cooperated with OFAC’s investigation and implemented remedial measures, the statement reads.