MOSCOW: Deutsche Bank AG was not the only international lender found to have conducted “mirror trades” to circumvent regulations and send money out of Russia in the last few years, the Bank of Russia said, declining to name other institutions involved.
The regulator said in a statement to Bloomberg that it had found about 750 billion rubles (US$13.5bil at average exchange rates over the period) in the transactions from 2014 to 2016, but didn’t break down the figure by individual banks. Deutsche Bank’s internal investigation found about US$10bil in trades through its Moscow office from 2011-2015.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
