Swiss regulator sanctions Russia's Gazprombank after Panama Papers leak

Switzerland's market regulator has banned the national affiliate of Russia's Gazprombank from taking new private clients over money laundering concerns during a 10-year period which emerged from the Panama Papers leak.

The move marks the first time that Swiss markets authority FINMA has specifically identified any company over wrongdoing following the leak that exposed international tax avoidance worldwide, including by members of Russian president Vladimir Putin's inner circle.