DOJ intensifies probe into Credit Suisse and UBS over Russian sanctions evasion, UBS shares halted

The U.S. Department of Justice (DOJ) has escalated its probe into Credit Suisse and UBS over suspected compliance failures that allowed Russian clients to evade sanctions, according to sources. The investigation focuses on allegations that the banks helped Russian clients bypass sanctions. UBS has stated that it is not aware of the probe. UBS is also close to reaching a settlement with the government of Mozambique over Credit Suisse's role in a ship-financing scandal. The settlement would resolve one of the legal issues inherited by UBS through its takeover of Credit Suisse. Additionally, Credit Suisse has reached an out-of-court settlement with Mozambique over the "tuna bonds" case. The DOJ's investigation has led to UBS shares being halted, and the bank's stock has fallen by 7.9%.