Gerhard Schröder: Why the Sparkasse Hannover does not accept its money

Hardly any energy policy project is as controversial as the gas pipeline Nord Stream 2. At least from today’s perspective. The management should promote Russian natural gas directly to Mecklenburg-Western Pomerania. She never went into operation. But her political co -initiator, former Chancellor Gerhard Schröder (SPD), always received his remuneration for his commitment as the president of the operating board of the operating company based in the Swiss canton of Zug. According to “Bild”, around 200,000 euros every six months. According to the report, however, the money has not been coming to Schröder’s account at Sparkasse Hannover for several months.

As has now become known, the Sparkasse is said to have rejected the corresponding payments of the Luxembourg branch of the Russian Gaspromank since the middle of last year. A business policy precaution that many financial institutions do in this country. One fears to be hit by sanctions of the USA and other countries.

The US Finance Ministry had occupied the Gasprombank on November 21, 2024 with sanctions, including their branches in Luxembourg and Cyprus. On the grounds, it was said that the largest Russian money house from Kremlin was controlled, for example to pay the military and for the international weapon purchase. In addition, the Kremlin stipulated that invoices for oil and gas deliveries can only be paid via the Gasprombank. The Kremlin opened this obligation in December 2024 in response to the sanction. It is not known to which bank (s) the customers of the Russians have paid their energy bills. According to the same pattern, it is also unclear whether Gerhard Schröder has now been transferred to his north stream salary from another, previously not sanctioned bank to Hanover. Or to an account with another bank, wherever located. Or you pay in cash.

Great Britain, Canada, Australia and New Zealand had joined the US sanctions against Gasprombank. But not the European Union. Until now.

The EU is currently working on a new, the 18th sanction package against Russia. A ban on the north stream pipelines is also planned, as the EU foreign representative Kaja Kallas confirmed. Maybe also to slow down American interests. In media reports, it was speculated that US actors could be interested in taking over the North Stream pipeline. It is open whether the EU also follows the sanctions against Gasprombank. For a long time there was fear that such a measure could drive energy prices. From Brussels circles it is now said that in the new sanction package, financial relationships could also be on the agenda.

Meanwhile, Gerhard Schröder defended the energy policy cooperation of his government with Russia last week. Natural gas and pipelines are more environmentally friendly than heavy-oiled LNG tankers, Schröder wrote to a parliamentary committee of inquiry in the Schwerin state parliament.

Nord Stream 2 AG, completely owned by the Russian state energy group Gasprom, avoided bankruptcy on May 9 of this year. In a legacy contract submitted to the Swiss authorities, a renovation was submitted by a debt aisle. This procedure avoids reorganizing the approval process for the pipeline that has not yet been completed. It remains to be seen how an EU operating ban would have an impact. Likewise, whether a company whose business purpose would be prohibited can – or may – or may continue to pay remuneration to its Board of Directors. Swiss commercial law applies.