FT investigation: four Gazprombank Luxembourg bankers made over €9m from EU sanctions chaos
Executives at Gazprombank's Luxembourg branch bought discounted Russian bonds in Europe and redeemed them at full value in Russia, an FT investigation found.
What to know
- FT investigation identifies four Gazprombank Luxembourg executives who profited from EU sanctions-driven market chaos
- Scheme involved buying discounted Russian bonds in Europe and redeeming them at full value in Russia, netting over €9 million by FT calculations
- Story has been picked up by Meduza, Balkanweb and shared widely on social media, but no official response from Gazprombank or EU regulators is reported
Gazprombank Luxembourg executives Four senior managers at Gazprombank's Luxembourg branchFinancial Times Investigative outletEuropean Union Sanctions authority
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- Aug 26
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Four Gazprombank executives made over €9 million by buying discounted Russian bonds in Europe after sanctions hit Russia, then redeeming them at full value back home, the Financial Times reports.
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As Moscow reeled from western sanctions imposed to help defend Ukraine, four executives at Gazprombank Luxembourg exploited the market chaos and made transactions that could have netted profits in excess of €9mn, according to FT calculations. ft.