Today, September 30, UBS stated that it is not aware of the investigation by the US Department of Justice into possible violations of sanctions laws.
“Recent reports of an alleged investigation by the US Department of Justice into sanctions violations at Credit Suisse and UBS are inaccurate. We are not aware of such an investigation,” UBS said in a statement.
According to them, UBS and CS have significantly and proactively reduced their risks associated with Russia.
DOJ investigation
Trading in UBS shares was temporarily halted on Wednesday, September 27, after they fell nearly 8% following a Bloomberg News report that the US Department of Justice was conducting a full-scale investigation into possible wrongdoing that helped Russian clients evade sanctions.
The Justice Department declined to comment, as did UBS.
Swiss sanctions against Russia
After the Russian invasion of Ukraine, Switzerland decided to impose sanctions against Russia, despite its neutrality. However, a number of Western countries criticize Switzerland for the low effectiveness of the imposed sanctions and claim that Russia is circumventing them through Switzerland.
Switzerland recently refused to participate with G7 countries in an international task force to track the assets of Russian oligarchs.
Later it was reported that about 130 suspicious cases of circumvention of sanctions against Russia were discovered in Switzerland. Of these, criminal proceedings were initiated in 29 cases.
We previously wrote that Switzerland has increased the number of people monitoring the implementation of sanctions against the Russian Federation.
Read urgent and important messages about Russia’s war against Ukraine on the channel RBC-Ukraine on Telegram.
2023-09-30 19:38:04
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