According to a recent report by Bloomberg News, Credit Suisse AG and UBS Group AG are currently being investigated by the US Department of Justice (DOJ) for allegedly aiding Russian oligarchs in evading sanctions. As part of this probe, the DOJ has issued subpoenas to employees of various US banks, including Credit Suisse and UBS. The subpoenas aim to identify the bankers who have dealt with sanctioned clients and how these clients were vetted over the years. If any laws were broken, these individuals may face further investigation.
The DOJ has been exerting pressure on Russian oligarchs through various measures, including sanctions, asset seizures, and criminal probes, to prevent them from supporting Russian President Vladimir Putin following the country's invasion of Ukraine. In fact, the DOJ had previously charged Russian oligarch Oleg Deripaska with violating sanctions last year by using the US financial system to maintain three luxury properties.
However, upon investigation, Credit Suisse and UBS declined to comment, while the Justice Department did not immediately respond to requests for comment. This development follows a series of high-profile investigations and fines levied against major financial institutions in recent years, highlighting the continued importance of strict compliance measures in the financial sector.