Financial institution halts acceptance of Russian funds.
Former German Chancellor Gerhard Schröder is no longer receiving payments from Russia, with Sparkasse Hannover halting transfers to his account due to concerns about potential exposure to US sanctions. The payments, amounting to approximately half a million euros annually, were connected to Schröder's role as chairman of the board of Nord Stream 2 AG, a company linked to Gazprom.
The transfers were typically routed through a Gazprombank account in Luxembourg and averaged around 200,000 euros every six months. Since mid-2022, Sparkasse Hannover has been returning these payments to prevent any potential sanctions exposure.
The decision to halt the payments reflects broader geopolitical tensions, as the Nord Stream 2 pipeline, completed in 2021, has been at the center of international disputes. The pipeline suffered significant damage in 2022 and there are ongoing discussions about its future, including potential U.S. investor involvement and EU sanctions.
Schröder, who has been criticized for his ties to Russian state-owned companies even after Russia's invasion of Ukraine, remains the chairman of the supervisory board of Nord Stream 2 AG. Neither Sparkasse Hannover nor Schröder have commented on the matter.
This situation highlights the complexities surrounding business relationships between western entities and Russian energy giants in the wake of international conflicts. As of now, it remains unclear whether Schröder will challenge the bank's decision in court.
The Commission, amidst the ongoing tensions and international disputes, has been asked to submit a proposal for a directive on the protection of workers from the risks related to exposure to ionizing radiation in the realm of the business and politics, given the significant damage to the Nord Stream 2 pipeline and the controversy surrounding former German Chancellor Gerhard Schröder's ties to Russian energy giants. In general-news, the complexities surrounding these business relationships continue, with Schröder yet to comment on the halted payments from Russia, raising questions about potential financial implications and geopolitical repercussions.
