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Swedbank under investigation for facilitating transactions involving Kalashnikov

21/11/2019

A report by Sweden’s broadcaster SVT indicates that Swedbank is currently under investigation by US authorities for potential violations of the US’ Ukraine/Russia sanctions (Executive Order (E.O.) 13661), imposed in response to Russia’s annexation of Crimea in 2014. Swedbank is said to have facilitated $1m worth of transactions from Iskander Makhudov, a Russian billionaire and shareholder of Kalashnikov Concern (one of Russia’s largest defence manufacturing companies) through his network to Kalashnikov USA. Kalashnikov Concern is currently designated under E.O. 13661, and as a result, transactions involving this entity are prohibited (see post).

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