Largest Switzerland bank responds to accusations of bypassing sanctions against Russia
The largest bank in Switzerland has responded to accusations of sanctions evasion against Russia (photo: Getty Images)
The largest bank in Switzerland, UBS, has stated that it is not aware of any investigation by the US Department of Justice regarding potential violations of sanctions related to Russia, according to Reuters.
Today, on September 30, UBS stated that it is not aware of any investigation by the US Department of Justice regarding potential violations of sanctions.
"The recent reports about an alleged investigation by the US Department of Justice into sanctions violations at Credit Suisse and UBS are inaccurate. We have no knowledge of such an investigation," as stated in UBS's statement.
According to their information, UBS and Credit Suisse have significantly and proactively reduced their risks associated with Russia.
The investigation by the Ministry of Justice
On Wednesday, September 27, trading in UBS shares was temporarily halted after they fell nearly 8% following a Bloomberg News report that the U.S. Department of Justice is conducting a full-scale investigation into possible violations that helped Russian clients evade sanctions.
The Department of Justice declined to comment, and UBS has also refrained from making any comments.
Switzerland's sanctions against Russia
Switzerland decided to impose sanctions against Russia after its invasion of Ukraine, despite its neutrality. However, several Western countries have criticized Switzerland for the low effectiveness of the sanctions it has imposed, suggesting that Russia bypasses them through Switzerland.
Recently, Switzerland declined to participate with the G7 countries in an international task force to track the assets of Russian oligarchs.
It was later reported that Switzerland had identified around 130 suspicious cases of sanctions evasion related to Russia. Criminal investigations were opened in 29 of these cases.
