The United States Department of Justice has opened an investigation against UBS y Credit Suisse for alleged negligence in allowing some Russian clients to evade sanctions imposed due to the annexation of Crimea and the invasion of Ukraine, as revealed to Bloomberg sources familiar with the matter.
According to these sources, what initially began as subpoenas directed at a series of banks later evolved into an investigation focused on Credit Suisse. Likewise, the Department of Justice would also be analyzing possible failures on the part of UBS, which acquired Credit Suisse in a merger promoted by the Swiss State a few months ago.
In any case, the investigations are at an early stage and do not have to lead to charges or fines. In fact, no interviews or confrontations have yet been arranged with employees or managers, but information has been requested regarding the management of client accounts subject to international sanctions, not only due to the current war in Ukraine, but also due to those imposed on since the Russian annexation of Crimea in 2014.
Following the news, UBS shares suffered a sudden drop of up to 8% on the stock market at midday, which is why they stopped trading momentarily, although they resumed trading shortly after and ended up moderating their fall at the close of trading. 2.91%.