US authorities are investigating whether Swedbank AB’s Baltic unit allowed money transfers that violated US sanctions against Russia, Sweden’s SVT television said.
SVT’s investigative program Uppdrag Granskning said in a report aired yesterday that it had uncovered transactions between sanctioned Russian weapons maker Concern Kalashnikov JSC and Kalashnikov USA, a company based in Florida that produces guns based on its namesake’s designs.
The state broadcaster said the “business network” of Russian billionaire Iskander Makhmudov transferred more than €1mn ($1.1mn) to Kalashnikov USA while he was both a shareholder of Concern Kalashnikov and the biggest client of Swedbank’s Estonian branch.
SVT said the transfers …read more
Source:: Gulf times
