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Julius Baer bank fined $22 million for corrupt dealing with Russian oil firm

Posted On: Dec. 2, 2022 9:10 AM CST

The UK.’s Financial Conduct Authority has fined Swiss bank Julius Baer Group AG’s international division over £18 million ($22 million) for engaging in “corrupt” dealings with Russia-based Yukos Oil Company, City AM reported. The U.K. watchdog claimed that the bank colluded with a third-party agent to get introduced to the Yukos Group and win business from the Russian conglomerate to earn significant returns.