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A Russian court has imposed over €2 billion ($2.1 billion) in damages on Raiffeisen Bank International, marking a significant ruling against a Western bank operating in Russia. The case highlights the risks associated with doing business in the country, with Raiffeisen's lawyers alleging intimidation tactics used by the court. This ruling represents one of the largest damage awards against a Western company in Russia to date.
US authorities are investigating Russian accounts that UBS acquired from Credit Suisse during its emergency takeover. The Office of Foreign Assets Control (OFAC) has engaged with UBS regarding the segregation of suspicious funds, as the US intensifies scrutiny on financial dealings with Russian clients amid ongoing sanctions. UBS is in the process of integrating approximately 1.3 million former Credit Suisse clients while shedding those linked to Russia, amidst rising tensions between the US and Switzerland over financial transparency.
US authorities are investigating Russian accounts that UBS acquired from Credit Suisse amid heightened scrutiny following sanctions related to Russia's invasion of Ukraine. UBS is reportedly segregating suspicious funds and closing accounts linked to Russian clients to mitigate potential risks. Tensions between the US and Switzerland are rising, with calls for greater transparency in financial dealings to prevent illicit activities.
The U.S. is investigating Russian clients that UBS acquired through its takeover of Credit Suisse, amid heightened scrutiny of the bank's handling of potentially risky accounts. The Office of Foreign Assets Control (OFAC) has engaged with UBS, emphasizing the need for compliance to avoid penalties. Meanwhile, Swiss regulators are also monitoring UBS's anti-money laundering practices in light of the situation.
The European Central Bank is urging Raiffeisen and UniCredit to maintain capital reserves to mitigate risks associated with their operations in Russia, where they lack effective control. This move may lead to increased capital requirements for both banks, reflecting their exposure to risky commercial real estate loans and the ongoing challenges in the region following the invasion of Ukraine.
The European Central Bank is urging Raiffeisen and UniCredit to maintain capital buffers against risks from their Russian operations, amid ongoing tensions following Russia"s invasion of Ukraine. Both banks are under pressure to reduce their activities in Russia, with Raiffeisen facing additional demands related to risky real estate loans. The ECB"s actions may lead to legally binding capital requirements as it assesses the banks" exposure to unacceptable risks.
The European Central Bank is urging Raiffeisen and UniCredit to maintain capital reserves to mitigate risks associated with their operations in Russia, where they lack effective control. This move may lead to adjustments in the banks" capital requirements, reflecting their exposure to both Russian market risks and risky commercial real-estate loans. Raiffeisen has indicated that its capital requirements will increase starting next year, highlighting the ongoing financial implications of operating in Russia post-invasion of Ukraine.
John O'Donnell
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