The US is investigating Credit Suisse and UBS for alleged ties to Russian oligarchs

United States Department of Justice is investigating whether employees of Credit Suisse and UBSamong other entities, helped Russian oligarchs to avoid sanctions imposed after Russia invaded Ukraine, as announced this Friday Bloomberg. Before the outbreak of war, remember the same medium, Credit Suisse was known for its ties to Russian clientsleading him to manage more than $60,000 million, which reported annual revenue between $500 and $600 million.

Although in May 2022, when it theoretically stopped providing services to this group, it had about $33,000 million, 50% more than UBS, the bank that will integrate Credit Suisse with the support of Swiss supervisors. Last year, he explains BloombergThe US Department of Justice has launched a task force to enforce sanctions against oligarchs it considers political allies of Russian President Vladimir Putin.

The United States, like Europe, continued seize a range of assets owned by these millionaires, including yachts, private jets and luxury estates. But in addition, the Justice Department would investigate the cooperation of various bankers to avoid sanctions on their Russian clients, which could lead to serious sanctions against the entities for violating United States law.

In 2014, BNP Paribas agreed to pay nearly $9 billion after pleading guilty to processing transactions for Cuban, Iranian and Sudanese entities under US sanctions. In 2019, Standard Chartered Bank agreed to pay more than $1 billion to settle a Justice Department investigation in which a former Justice Department employee pleaded guilty to conspiring to violate U.S. sanctions.