Germany's former Chancellor Gerhard Schröder's bank account frozen amid Russian payment controversy
Former German Chancellor Gerhard Schröder's bank account has been frozen due to incoming payments from Russia. The account, held at Sparkasse Bank, no longer receives payments from Russian entities, according to BILD.
Schröder reportedly finds himself almost half a million euros short, funds which he receives in his capacity as a representative and chairman of the supervisory board for the Nord Stream 2 project. The company typically transfers around 200,000 euros every six months, routing the money through Gazprombank in Luxembourg. However, since mid-2024, Sparkasse has been rejecting these transactions.
In a letter, Sparkasse reportedly informed Schröder that continuing to accept the funds might expose the bank to U.S. sanctions, according to Bild.
Schröder began lobbying in Germany for his ally, Russian leader Vladimir Putin, just months after stepping down as chancellor in 2005. His lucrative roles with Russian state companies have netted him significant earnings, drawing substantial criticism. Sparkasse's management explains its decision by citing concerns over potential exposure to U.S. sanctions if they continue processing these payments.
The bank account freeze comes after Belit Onay, an ardent critic of Schröder and the Mayor of Hanover from the Green Party, assumed the role of chairman of Sparkasse's supervisory board. Onay has been vocally critical of Schröder's business engagements with Russia.