Credit Suisse freezes $5 billion of Russian money due to U.S. sanctions

One of Switzerland’s largest banks, Credit Suisse, has frozen roughly 5 billion Swiss francs ($5 billion) of money linked to Russia to avoid falling foul of U.S. sanctions, according to its accounts, Reuters reported.

“Credit Suisse works with international regulators wherever it does business to ensure compliance with sanctions, including compliance with sanctions involving Russia,” said a spokeswoman for the bank, which did not identify the owners of the money.