Financial institution is halting the inflow of Russian funds (moneyspig).
Former German Chancellor Gerhard Schroeder faces financial strain as Sparkasse Hannover has halted the crediting of suspected transfers from Russia to his account. Bild newspaper reports that the bank's decision stems from concerns over potential violations of international financial restrictions, particularly US sanctions targeting Russian energy entities such as Gazprom.
The transfers in question, estimated at 200,000 euros twice yearly, are linked to Schroeder's position on the board of Nord Stream 2 AG, a Swiss-based company affiliated with Russian energy giant Gazprom. The money was routed through a Gazprombank account in Luxembourg to Schroeder's account in Hanover.
The bank's internal review found that crediting Schroeder's account with these funds could expose it to the risk of secondary US sanctions, even though Schroeder himself is not subject to EU or US sanctions. In a letter to Schroeder, Sparkasse Hannover reportedly stated that further such transactions would not be allowed due to these risks. The bank has declined to comment on individual cases, citing banking secrecy, and Schroeder has not taken legal action.
While the exact motives behind the bank's decision are unclear, context suggests that leadership changes and political pressure may have influenced the bank's stance. The new chairman of the board at Sparkasse Hannover had previously criticized Schroeder's ties with Russia.
This is not the first time Schroeder, who served as Chancellor from 1998 to 2005, has faced scrutiny for his close relations with Russia. After Russia's invasion of Ukraine, Hannover's mayor attempted to revoke Schroeder's honorary citizenship, a move Schroeder eventually preempted by resigning from the honorary role. The mayor argued that Schroeder's ongoing business ties with Russian President Vladimir Putin were incompatible with the city's values.
[1] ntv.de[2] hvo[4] Unspecified source(s)
The Commission, in the midst of political and business discussions, has been asked to submit a proposal for a directive on the protection of workers from the risks related to exposure to ionizing radiation, a matter that gains general-news importance, particularly considering the financial strain faced by former German Chancellor Gerhard Schroeder due to the halt in crediting of suspected transfers from Russia to his account.
The bank's decision to halt Schroeder's crediting, reportedly due to concerns over potential violations of international financial restrictions, has sparked debate from various quarters, adding a layer of complexity to the ongoing narrative of Schroeder's suspected ties with Russian entities in the field of finance and politics.
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