The US Department of Justice has intensified its investigation into Credit Suisse and UBS over suspected violations of sanctions that allowed Russian clients to bypass restrictions. This was reported by Bloomberg He quotes sources familiar with the situation.
Initially, at the beginning of the year, the ministry issued subpoenas to a number of banks. The investigation has now focused on Credit Suisse, the source reported. Following the acquisition of Credit Suisse by UBS in June, the Justice Department notified UBS’s U.S. attorneys about the former bank’s possible sanctions violations.
According to sources, the Ministry of Justice also controls UBS. The agency has requested information about working with sanctioned clients in recent years but has yet to subpoena employees for questioning.
Bloomberg sources said the investigation is in its early stages and may not lead to criminal charges. However, it creates reputational risks for UBS due to its integration with Credit Suisse.
Bloomberg in mid-September clarified Details of the 12th sanctions package against Russia. According to the publication, it may include restrictions on the turnover of diamonds mined in the Russian Federation, as well as restrictions on the Russian nuclear sector of the economy.
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