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Published 8 months ago

UBS shares rattled by report of US probe into Russia sanctions evasion

  • The US Department of Justice has increased its investigation into Credit Suisse Group and UBS over suspicions of compliance failures that allowed Russian clients to evade sanctions. This has raised concerns for investors about the banks' exposure to Credit Suisse's legal issues and compliance failures.
  • UBS shares fell sharply by nearly eight percent and recovered to trade 3.4 percent lower after news of the DOJ's intensified probe into the bank made headlines. This indicates that investors are reacting negatively to the potential consequences of the investigation.
  • The DOJ has already briefed UBS lawyers about Credit Suisse's alleged involvement in sanctions violations. This demonstrates that the investigation is not only focused on Credit Suisse but also extends to UBS.
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