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US AUTHORITIES have fined a French bank more than £500 million for doing business with Cuba, Iran, Myanmar and Sudan in defiance of US sanctions.
The $787m (£509m) settlement announced on Tuesday includes $385m (£249m) to New York’s Department of Financial Services, $90m (£58m) to the Federal Reserve, $156m (£101m) to the Manhattan District Attorney’s office and another $156m to the US Attorney’s office for the District of Columbia.
Credit Agricole processed more than $32 billion (£21bn) in payments through its New York branch between 2003 and 2008 on behalf of companies based in the four countries.
Under the settlement signed last week, Credit Agricole will sack a managing director and install an independent monitor.
Meanwhile, the Russian government granted Cuba £900 million in credit to expand two electrical power stations, RIA Novosti reported yesterday.
The funds will be used to build a 200-megawatt generating unit at the Maximo Gomez power plant and three 200-megawatt units at the Este Habana power plant.
