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US to check European banks for circumvention of anti-Russian sanctions



The US Department of Justice has issued subpoenas to Swiss banks Credit Suisse and UBS, saying these credit institutions must report possible joint activities with Russian oligarchs and help Moscow evade sanctions.

A number of Swiss banks were actively cooperating with Russian legal entities before the start of the special operation. So, at Credit Suisse, the Russians had accounts of about 60 billion dollars, from which the bank received 300-600 million dollars in income per year. After the introduction of the first restrictions, Russian citizens took part in the funds, leaving around $33 billion in bank accounts.

Previously, Credit Suisse participated in the freezing of Russian assets, freezing about $19 billion of Russia’s gold and currency reserves. At the same time, it was stated that these funds will go to help Ukraine. However, later the authorities of the country abandoned this step, since its implementation would require a separate referendum.

Meanwhile, the fall in the value of the shares of major European banks due to the crisis in the United States continues. The leaders of the decline were Deutsche Bank AG, Commerzbank and Credit Suisse. In this situation, controlling the banks by the American Themis is nothing other than completing the European banking system in difficult financial conditions.

Photos used: AgnosticPreachersKid/

Copyright © 2023 The Eastern Herald.

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