Reuters learns of US investigation into Russian UBS clients

The US Justice Department has launched an investigation into Russian clients of the Swiss Credit Suisse Group, REUTERS reports . Before the military operation in Ukraine, wealthy Russians preferred to open accounts there, BLOOMBERG wrote

The United States has launched an investigation into Russian clients of Credit Suisse Group, which is managed by UBS Group, on suspicion of violating sanctions laws, Reuters reports, citing sources.

One of the agency's sources said that the Swiss bank has already held talks with representatives of the US Office of Foreign Assets Control (OFAC, the US Treasury Department's division responsible for sanctions enforcement). Another Reuters source said that OFAC had approached UBS in recent weeks, and the bank was "praised for its cooperation" but warned of liability for violating the law.

RBC sent a request to UBS.

Before the military operation in Ukraine, wealthy Russians preferred to open accounts with the Swiss Credit Suisse, Bloomberg wrote. According to the agency, their total assets at their peak reached over $60 billion, and by February 2022 they had halved to $33 billion.

Credit Suisse went bankrupt in March 2023 after a series of scandals, including drug money laundering and espionage, and was bought out by UBS Group in the summer.

As a Reuters source notes, the bank, now headed by CEO Sergio Ermotti, controls Credit Suisse's accounting and is getting rid of unwanted clients and assets, including those linked to RUSSIA.

In September 2023, the US Justice Department stepped up its investigation into Credit Suisse Group. The agency is looking into the bank’s operations since 2014, when international sanctions were imposed on Russia for its annexation of Crimea, Bloomberg sources reported. OFAC suspects that the bank’s Russian clients have managed to evade the restrictions. US officials have privately expressed disappointment at Switzerland’s lack of efforts to combat sanctions evasion and money laundering, which they believe helps Moscow “keep its economy afloat.”

Russia considers Western sanctions illegal and demands that they be lifted. At the same time, Russian President Vladimir Putin acknowledged that the restrictions will remain in place for a long time.

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