Two Swiss banks under Russian investigation

It has been revealed that prior to the state-backed acquisition of Credit Suisse by UBS, some bankers from both institutions were summoned to testify in the US. It has been revealed that prior to the state-backed acquisition of Credit Suisse by UBS, some bankers from both institutions were summoned to testify in the US. According to sources familiar with the matter, two Swiss banks were notified by the US Department of Justice regarding an investigation into violations of Russia sanctions. According to sources, the investigation was opened over allegations that the bankers helped Russian oligarchs evade sanctions. According to two sources, bankers at some major US banks have also been summoned to testify as part of the investigation. As part of the investigation, US Department of Justice prosecutors will examine whether sanctions laws were violated and may file lawsuits if deemed necessary. UBS had purchased UBS Group AG as part of efforts to overcome the banking confidence crisis that threatens to spread to global financial markets, it has agreed to acquire Credit Suisse Group AG in a deal brokered by the state. UBS agreed to pay 3 billion Swiss francs ($3.3 billion) to acquire its rival. The all-stock deal was expected to be well below Credit Suisse's valuation of 7.4 billion francs at Friday's close. The US Treasury and Fed also said they "welcome the decision taken by the Swiss authorities to support financial stability" regarding the purchase.