The US is checking Russian accounts at Switzerland's largest bank.

American officials are inspecting the accounts of Russian clients at the Swiss bank UBS

The Office of Foreign Assets Control (OFAC) has launched an investigation and sent a letter to UBS, Switzerland's largest bank, to verify the accounts of Russian clients that transferred to it after the acquisition of Credit Suisse. This was reported by Reuters.

According to one American official, the Swiss bank and the agency have already held negotiations.

UBS is auditing the financial reports of Credit Suisse to eliminate undesirable clients and assets associated with Russia. If the bank or intermediary makes a payment on behalf of a sanctioned individual, penalties may be imposed.

At present, it is unknown how much Russian-origin money is in UBS. However, in early 2022, the CEO of Credit Suisse stated that 4% of the funds managed by the bank belonged to Russian clients, amounting to about $35 billion.

UBS is trying to avoid potential repercussions from OFAC inquiries by blocking dubious funds and closing accounts to avoid punitive sanctions. Transactions involving Russian money have become increasingly risky following the sanctions imposed by the US and Western allies in response to Russia's invasion of Ukraine.

UBS acquired Credit Suisse after its bankruptcy in March 2023. Credit Suisse became embroiled in a series of scandals, from espionage to money laundering from drug-related sources.