The Swiss Credit Suisse bank froze some CHF5 billion ($5 billion) of assets linked to Russia earlier this year in an effort to toe the line with US sanctions levied against Moscow. The bank froze the funds in the second quarter of 2018, according to Reuters, in response to sanctions introduced by Washington in April. The sanctions were imposed to penalize Moscow for its actions in Syria, Ukraine, and its interference in western democracies. The move by Credit Suisse (CS) highlights widespread fears among banks that ignoring US-imposed sanctions could have negative consequences; In 2014, France's BNP Paribas agreed to pay a record $8.9 billion for violating U.S. sanctions against Sudan, Cuba and Iran. A Credit Suisse spokeswoman said that the bank “works with international regulators wherever it does business to ensure compliance with sanctions, including compliance with sanctions involving Russia”. It did not identify the specific owners of the money. Credit Suisse owned ...
