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Credit Suisse, UBS among banks facing U.S.’s Russia-sanctions probe -Bloomberg News By Reuters

Credit Suisse, UBS among banks facing U.S.'s Russia-sanctions probe -Bloomberg News

© Reuters. FILE PHOTO: Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 20, 2023. REUTERS/Denis Balibouse//File Photo

(Reuters) – Credit Suisse AG and UBS group AG are among the banks under scrutiny in a U.S. Justice Department investigation into whether financial professionals helped Russian oligarchs evade sanctions, Bloomberg News reported on Thursday

The banks were included in subpoenas sent out by the government, the report said, citing people familiar with the matter.

The requests were sent by the government before the crisis which resulted in Credit Suisse’s takeover by UBS, Bloomberg said.

The Justice Department inquiries are to identify which bank employees dealt with sanctioned clients and how those clients were vetted over the past years, according to the report.

Credit Suisse, UBS, and the Justice Department did not immediately respond to Reuters’ emailed requests for comment.

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