Swedbank accused of violating US sanctions against Russia

3:41 min

The Swedish bank Swedbank is accused of violating US sanctions against Russia, in SVT's investigative programme Uppdrag Granskning.

The programme say they have found evidence that money has been funnelled via the bank - in four different transactions - from owners of the Russian weapons manufacturer Kalashnikov via a tax haven to a weapons trader in the US. If this is correct it would be in clear breach of the sanctions that the US introduced on Russia after its annexation of Crimea in 2014.

Radio Sweden spoke to Swedish Radio's economic commentator Kristian Åström for a better sense of what the allegations means for the bank, which already is being investigated for alleged money laundering via its Baltic branch between 2007 and 2015.

In a statement, the bank's new CEO welcomed the scrutiny and added that the new revelations would be part of the bank's own internal investigation.