The US Department of Justice has stepped up an investigation into two of the largest Swiss banks, Credit Suisse Group and UBS Group AG, over suspicions of violations of the law that allowed Russian clients to evade sanctions.
This was reported by Bloomberg, citing sources familiar with the situation.
"What started as a series of subpoenas sent to a number of banks earlier this year has grown into a full-scale investigation," the sources said.
At the same time, the investigation is still at an early stage and may either not lead to charges at all or end in a settlement.
The main claims of the Ministry of Justice regarding the violation of the sanctions regime relate to the work of Credit Suisse. The UBS Group, which took over Credit Suisse in June, is now also a subject of the investigation.
The US Department of Justice has requested information on how the banks handled accounts of sanctioned clients over the past few years, but has not yet requested interviews with executives or staff, one of the sources said.
The investigation covers both the restrictions imposed after Russia's invasion of Ukraine in 2022 and previous rounds imposed after the annexation of Crimea in 2014, the other person said.
During this time, more than a thousand wealthy Russians have been blacklisted by the United States, Bloomberg recalls.
Author - Olena Madiak, 27/09/2023