Deutsche Bank has threatened to end business with Russia’s government earlier this year in a letter sent to the state demanding that it provide more information related to know-your-customer records.
Bloomberg News reports that the bank’s London branch sent the correspondence in June saying the business relationship could be terminated if Russia failed to submit the documents within 30 days. While that deadline has long since elapsed, Russia never answered the letter and the German bank hasn’t followed up on the initial request, according to two people with knowledge of the matter.
“Deutsche Bank is currently undertaking a review of the products that Government of the Russian Federation has with Deutsche Bank AG, London Branch and of the Know Your Customer documentation that we hold on record,” investment-banking head Garth Ritchie and one of the bank’s lawyers, Alex Scott-Gall, wrote in the June 27 letter that was seen by Bloomberg.
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