Gazprombank Executives Rake in €9 Million Amid Sanctions Turmoil
By Editor • August 26, 2026 • 1 min read
In a striking maneuver during the upheaval following sanctions against Russia, four executives from Gazprombank’s Luxembourg branch reportedly profited over nine million euros. The Financial Times uncovered that these senior managers leveraged the chaos after Russia's invasion of Ukraine to engage in lucrative bond trading.
Identified as Dmitry Derkach, Sergey Nekrasov, Sergey Belousov, and Pavel Bolshakov, the quartet took out substantial personal loans, totaling at least 17 million euros, to purchase Gazprom bonds at discounted rates in the European market. They subsequently exchanged these bonds for new ruble-denominated ones in Russia, allegedly reaping significant profits through more than 50 transactions.
The trades were meticulously coordinated, often executed before Gazprom officially announced the bonds eligible for exchange, raising eyebrows regarding the timing and legality of their actions. A European Union official hinted at potential circumvention of sanctions, suggesting a criminal investigation in Luxembourg could be warranted.
Despite the scrutiny, Gazprombank maintains that it operated within legal bounds, with Derkach asserting no wrongdoing occurred. Following the controversy, all four executives have departed from the bank, with their future endeavors ranging from investment firms to leadership roles in sports.
Source: meduza.io
