German bank limits former chancellor’s account due to sanctions worries
(MENAFN) Former German Chancellor Gerhard Schroeder has had restrictions placed on his bank account by Sparkasse Hannover due to concerns over possible links to Russian entities, according to a report by Bild on Sunday. Although Schroeder is not subject to any international sanctions, the bank reportedly froze certain incoming transactions over fears they could violate financial restrictions related to Russia.
The affected payments, totaling nearly €500,000 annually, are believed to be connected to Schroeder’s position on the board of Nord Stream 2, the Russian-owned gas pipeline that never went into operation due to EU sanctions imposed after the Ukraine conflict escalated. The pipeline was also damaged in a 2022 sabotage incident, which Moscow has blamed on Western intelligence agencies.
According to Bild, Sparkasse Hannover flagged the funds due to their connection with Gazprombank in Luxembourg and returned them over concerns about potential exposure to secondary U.S. sanctions. In a letter to Schroeder, the bank reportedly cited these international restrictions as the reason for its action. The bank declined to comment when contacted.
The decision came shortly after Hanover Mayor Belit Onay, a vocal critic of Schroeder, became chairman of the Sparkasse board. Onay has previously sought to revoke Schroeder’s honorary citizenship of the city over his continued ties to Russian business interests, which he argues conflict with Hanover’s values.
Schroeder, who led Germany from 1998 to 2005, has long maintained a close relationship with Russian President Vladimir Putin and has held senior positions in several Russian energy firms since leaving office. Despite facing growing political backlash after the Ukraine conflict escalated—including losing his publicly funded office and facing attempted expulsion from the SPD party—Schroeder has defended his stance, emphasizing the importance of Russian energy for Germany and advocating respect for Russia’s historical security concerns.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
