The U.S. Department of Justice has widened its probe into Credit Suisse and UBS over suspected sanctions violations that allegedly helped Russian clients evade restrictions, according to Bloomberg, which cites people familiar with the matter.
Early in the year, the department issued subpoenas to several banks. The inquiry is now concentrating on Credit Suisse, as reported by sources. After UBS completed its acquisition of Credit Suisse in June, DOJ officials notified UBS’s U.S. attorneys of potential sanctions violations tied to the former bank.
Sources indicate that DOJ investigators also oversee UBS. The agency has asked for details about dealings with sanctioned clients in recent years and has not yet summoned employees for questioning.
Bloomberg’s reporting suggests the investigation is in its preliminary stages and may not culminate in criminal charges. Still, the case could raise reputational concerns for UBS given its integration with Credit Suisse.
Bloomberg later clarified details of the 12th sanctions package against Russia, noting that measures could include limits on the turnover of Russian‑mined diamonds and restrictions on segments of the Russian nuclear sector.
Earlier discussions in Western outlets raised questions about how Russia is affected by the oil price cap and what it means for global markets.