Zurich (awp) – UBS would be in the crosshairs of the American authorities because of the Russian clients inherited from Credit Suisse (CS), according to the Reuters news agency. The major Swiss bank is currently examining its accounts as part of this investigation.
The Office of Foreign Assets Control (OFAC) in the United States has contacted the number one Swiss bank to request its cooperation in this investigation, according to Reuters, which cites sources close to the matter. UBS is currently reviewing Credit Suisse’s legacy accounts, shedding unwanted clients and assets, including those linked to Russia, one of the sources said.
While praising UBS for its willingness to cooperate, US officials reportedly made it clear that failure to resolve the issue could have “unpleasant” consequences. Managing Russian money has indeed become increasingly risky, after the United States and its Western allies launched an unprecedented series of sanctions against Moscow in response to the invasion of Ukraine.
However, it is unclear how much Russian-origin assets are currently at UBS. In 2022, after the start of the war in Ukraine, the then CEO of Credit Suisse revealed that 4% of the money managed by the bank was intended for Russian clients, or around $35 billion.
UBS did not wish to comment on this information on Wednesday to the AWP news agency. OFAC also did not comment to Reuters.
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