Credit Suisse, UBS, Other Banks Facing Russia Sanctions Probe in US, Report

외신뉴스
2023-03-26 06:30 AM

Credit Suisse, UBS, Other Banks Facing Russia Sanctions Probe in US, Report


Switzerland’s troubled Credit Suisse and its rescuer, USB, are subject to an investigation into whether bankers helped Russian oligarchs evade Western sanctions, according to a media report. Some major U.S. banking institutions are also under scrutiny within the probe initiated by the Justice Department, sources say. Credit Suisse, US Banks Investigated for Suspected Sanctions Violations Favoring Russia’s Rich


Switzerland-based global investment banks and financial services firms, Credit Suisse and UBS, are under scrutiny by the U.S. Department of Justice (DOJ), Bloomberg revealed, quoting knowledgeable sources who remained anonymous.


According to the report, the department has been trying to establish if financial professionals working for these and other banks have supported sanctioned wealthy Russians in attempts to circumvent restrictions imposed by Western governments.


U.S. authorities have sent out a number of subpoenas to employees of the two Swiss giants as well as some major U.S. banks, two people familiar with the inquiries told the publication. They want to identify the bankers and advisers who worked with such clients over the past several years and find out whether any laws were broken.


The DOJ requested information on the matter before the recent crisis at Credit Suisse erupted. Earlier in March, its shares dropped to a record low amid loss of investor confidence. The bank borrowed $54 billion from the Swiss National Bank and UBS came to its rescue with a state-backed acquisition proposal.


Russia’s invasion of Ukraine led to a massive expansion of sanctions against the government in Moscow and influential people allied with the Kremlin, including oligarchs. Before that, Credit Suisse was well-known for catering to rich Russians, the report notes.


At some point, it managed over $60 billion for them that generated up to $600 million in annual revenue. When it ended its business relations with individual Russian clients in May, 2022, the bank held about $33 billion of their funds, 50% more than UBS. Tags in this story Bank, Bankers, Banking Crisis, banks, credit suisse, Crisis, DOJ, evasion, invasion, Investigation, justice department, probe, restrictions, Russia, russian, Sanctions, swiss, Switzerland, U.S., UBS, Ukraine, US, War


Which other banks do you think may be investigated for facilitating sanctions evasion for Russians? Share your thoughts on the subject in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. NFT Sales Drop 5.4% to $193M, Ethereum Dominates with $107M in Sales: Weekly Recap NEWS | 4 hours ago Arbitrum"s Governance Token ARB Ranks Within Top 40 Market Capitalizations Following Airdrop NEWS | 6 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, Pierre-Olivier / Shutterstock.com Previous articleNFT Sales Drop 5.4% to $193M, Ethereum Dominates with $107M in Sales: Weekly Recap Next articleRobert Kiyosaki Says Fed Rate Hikes Will Crash Stocks, Bonds, Real Estate, and US Dollar Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards


Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

외신뉴스
Crypto news


함께 보면 좋은 콘텐츠

All posts
Top