German prosecutors search UBS branches in Russian oligarch money laundering investigation

German officials have searched branches of Swiss bank UBS in Frankfurt and Munich in an investigation into alleged money laundering by a Russian oligarch, a spokesman for the prosecutors said on Tuesday.

The spokesperson did not name the bank, but UBS later confirmed it was two of its branches that were affected. "A raid has taken place and we are cooperating with the authorities," a UBS spokesman said.

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