Credit Suisse freezes £4bn linked to Russia after US sanctions
Banking giant Credit Suisse has frozen 5.1bn Swiss francs (£4.02bn) linked to Russia following US sanctions.
The Zurich-headquartered bank reported in its second quarter results that it had identified impacted client relationships and transactions to ensure compliance.
It added that the sanctions compliance group is closely monitoring the developments.
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A Credit Suisse spokesperson said: “Credit Suisse works with international regulators wherever it does business to ensure compliance with sanctions, including compliance with sanctions involving Russia."
"Unless there are specific restrictions in place, we continue serving Russian clients by applying enhanced due diligence procedures," the bank's financial report continued.
The U.S announced sanctions against Russian individuals and companies in April to penalise the country for its annexation of Crimea and involvement in the war in Syria.
The bank warned that geopolitical developments and growing tensions surrounding global trade, and monetary policy changes by central banks, are likely to trigger periods of heightened uncertainty throughout the rest of the year.
"That uncertainty has, over time, the potential to negatively affect confidence, which in turn could impact a wide range of asset classes and activities, relevant for our more market-dependent activities," it said in a statement.
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