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Deutsche Bank Wasn’t Only ‘Mirror’ Trader: Russian Central Bank

  • Bank of Russia found $13.5 billion in mirror trades in 2014-16
  • Regulator declines to name other foreign banks seen in trades
Updated on

Deutsche Bank AG was not the only international lender found to have conducted “mirror trades” to circumvent regulations and send money out of Russia in the last few years, the Bank of Russia said, declining to name other institutions involved.

The regulator said in a statement to Bloomberg that it had found about 750 billion rubles ($13.5 billion at average exchange rates over the period) in the transactions from 2014 to 2016, but didn’t break down the figure by individual banks. Deutsche Bank’s internal investigation found about $10 billion in trades through its Moscow office from 2011-2015.