Four Gazprombank Executives Pocketed over €9 Million by Exploiting Market Chaos Triggered by Sanctions Against Russia
- Four senior Gazprombank Luxembourg executives netted more than €9 million in potential profits by exploiting market chaos following 2022 European Union sanctions, a Financial Times report published Wednesday revealed.
- Following President Vladimir Putin's July 5, 2022, decree, foreign-currency bonds could be replaced with Russian securities at full value, creating a price gap between depressed European markets and Russian ruble-denominated debt.
- Dmitry Derkach, Sergey Nekrasov, Sergey Belousov, and Pavel Bolshakov utilized at least €17 million in personal loans to execute more than 50 transactions, buying discounted bonds before their replacement plans were announced.
- Luxembourg's financial regulator, the CSSF, inspected the bank in 2023, finding the directors had not been vetted despite being deemed 'high risk,' though it imposed no fines.
- Gazprombank Luxembourg denied wrongdoing, telling the Financial Times it 'strictly' complied with regulations, while all four executives have since left the institution to pursue private ventures.
15 Articles
15 Articles
They traded Gazprom bonds.
The heads of the Luxembourg branch of Gazprombank could earn more than 9 million in Eurobond operations, which were sharply offset by the imposition of sanctions.
Four Gazprombank executives pocketed over €9 million by exploiting market chaos triggered by sanctions against Russia
Four senior managers at Gazprombank’s Luxembourg branch made more than nine million euros in profit by exploiting market turmoil that followed sanctions imposed on Russia after its full-scale invasion of Ukraine in 2022, the Financial Times reports.
Four managers of the Luxembourg branch of Gazprombank made a profit of over nine million euros after Russia's attack on Ukraine with the insider trading of Gazprom bonds.
While Moscow was being hit with sanctions from the West over the war in Ukraine, Gazprombank executives in Luxembourg exploited the market turmoil for personal gain - The way they acted, the lax controls and their current situation
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