Credit Suisse Wealth Unit Froze $5 Billion on Russia Sanctions

Credit Suisse Group AG has frozen approximately $5 billion of assets linked to Russia because of U.S. sanctions against the country.

The bank’s key wealth management unit suspended 5.1 billion francs of money linked to the country, according to a reference in its financial report last month. The Zurich-based lender said higher assets under management were offset in part “by structural effects primarily reflecting the impact of the US sanctions involving Russia,” confirming the amount on Wednesday.