Credit Suisse and UBS among banks facing US Russia-sanctions investigation
- The Department of Justice (DOJ) is looking into whether the banks helped Russian oligarchs evade sanctions, Bloomberg News reported
- The DOJ has been trying to pressure Russian oligarchs through sanctions, asset seizures and criminal investigations to stop backing Vladimir Putin
Credit Suisse and UBS group are under scrutiny in a US Department of Justice (DOJ) investigation into whether financial professionals helped Russian oligarchs evade sanctions, Bloomberg News reported on Thursday.
The DOJ inquiries are to identify which bank employees dealt with sanctioned clients and how those clients were vetted over the past years, Bloomberg reported.
The bankers may then be further investigated to determine if they broke any laws, the report added.
Credit Suisse and UBS declined to comment while the Justice Department did not immediately respond to Reuters’ emailed requests for comment.
The Justice Department charged Russian oligarch Oleg Deripaska last year with violating sanctions by using the US financial system to maintain three luxury properties.