Explosive Revelation: UBS Facing US Probe for Sanctions Evasion in Russia - Find Out the Shocking Details!

UBS shares plummeted on Wednesday after a Bloomberg report revealed that the US Department of Justice (DOJ) is expanding its investigation into the Swiss bank. The investigation focuses on alleged compliance failures that enabled Russian clients to evade sanctions. As a result, the Swiss Stock Exchange temporarily halted trading of UBS stock, which had already dropped by 8% before the suspension. Trading later resumed, but shares remained about 3.5% lower by early afternoon in Zurich.

According to Bloomberg, an initial inquiry into multiple banks has evolved into a comprehensive investigation specifically targeting Credit Suisse. This escalation follows UBS's acquisition of Credit Suisse earlier this year as a response to an urgent financial situation.

The DOJ has informed UBS lawyers, who acquired a smaller competitor in June, about allegations of Credit Suisse's involvement in sanctions violations. Bloomberg reports that authorities are also investigating potential failures in compliance at UBS. UBS has chosen not to provide a comment, and CNN has reached out to the DOJ for further information.

This is a developing story and will be updated.