UBS Denies Expanded Investigations Over Russia Sanctions
Published: Tuesday, Oct 3rd 2023, 10:20
Aktualisiert am: Freitag, 13. Oktober 2023, 14:12
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According to UBS, there is no investigation by the US Justice Department into alleged sanctions violations by the major bank. Media reports from last week regarding such an investigation are incorrect. UBS spokesperson confirmed to news agency AWP on Tuesday that recent reports of an alleged investigation by the US Department of Justice into sanctions-related compliance violations at Credit Suisse and UBS are not accurate. "We are not aware of such an investigation," the spokesperson said. The US Department of Justice (DoJ) is reportedly conducting wide-ranging investigations into UBS and its subsidiary Credit Suisse for allegedly circumventing Russia sanctions regulations. According to sources familiar with the matter, what began in the spring of this year with a series of subpoenas to the banks has now expanded into a comprehensive investigation. On Wednesday afternoon, UBS shares lost over 4 percent on the stock exchange. At the end of the day, UBS closed nearly 3 percent lower. On Wednesday, UBS had initially declined to comment. However, the bank has since denied the allegations. On Monday, newspapers from "CH Media" reported that the Federal Office of Justice had knowledge of the Bloomberg report, but had no information on potential US investigations against the banks. Switzerland has not received any requests for legal assistance from the US in this matter.
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