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Swedish financial institution could face US probe over reported violation of sanctions in opposition to Russia
US authorities are reportedly investigating whether or not one among Sweden’s largest lenders, Swedbank, breached US sanctions focusing on Russia because it allowed transactions between Russian arms producer Kalashnikov and its US-based namesake.
Swedish public broadcaster SVT claims that “main shareholders” of the Russia-based arms producer Kalashnikov, which was focused by US restrictions again in 2014, despatched cash to its counterpart headquartered in Pompano Seaside, Florida. The latter produces weapons primarily based on Russian designs, however the elements originate from the US serving to the corporate to keep away from the blacklisting.
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SVT mentioned that Swedbank allowed “main homeowners in Russian Kalashnikov” to ship a mortgage of greater than $ 1 million to the US-based arms producer. Nonetheless, any monetary operations between the 2 entities would violate Washington’s sanctions and the transfer might represent a breach.
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The report claims that one of many important individuals concerned within the operation was Russian billionaire Iskander Makhmudov, who was each a shareholder of Concern Kalashnikov and the most important consumer of Swedbank’s Estonia department. The cash was reportedly obtained by “key individuals at Kalashnikov USA” as they managed accounts at Financial institution of America the place the transferred sum ended up.
The Russian businessman has by no means been a serious shareholder of Concern Kalashnikov. In 2015 he purchased 12.25 p.c of the corporate’s inventory, however bought his shares again in 2017, in accordance with Forbes. A consultant for Makhmudov instructed SVT that he has by no means managed the arms agency and subsequently isn’t topic to sanctions.
On Wednesday, Swedbank responded to the allegations saying that it’s not conscious of any violations of US sanctions in opposition to Russia. In the meantime the lender continues to research a cash laundering scheme earlier reported by the identical broadcaster.
“If there was unethical conduct … we should always in fact get the underside of it,” Swedbank CEO Jens Henriksson mentioned in a press release, including that the interior investigation is anticipated to be concluded early subsequent yr.
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