Four Gazprombank executives pocketed over €9 million by exploiting market chaos triggered by sanctions against Russia

The Financial Times reports that four senior managers at Gazprombank's Luxembourg branch — Dmitry Derkach, Sergey Nekrasov, Sergey Belousov, and Pavel Bolshakov — made over nine million euros by exploiting the market turmoil following 2022 sanctions on Russia. They borrowed at least 17 million euros from their own employer to buy discounted Gazprom Eurobonds, then swapped them in Russia for ruble bonds at full face value under a mechanism Putin authorized after sanctions cut off many Russian bondholders.

The four coordinated more than 50 identical trades, often acting before Gazprom had even publicly announced which bonds were eligible for exchange — a window that reportedly lasted only about two weeks once announced. A EU official briefed on the findings said it 'sounds like circumvention' warranting a criminal investigation in Luxembourg.

Gazprombank's Luxembourg branch says it 'strictly' complied with all rules and was never involved in sanctions violations; Derkach denies wrongdoing and cites the absence of regulatory findings as vindication. All four have since left the bank — Derkach to a 'private life' in Luxembourg, two to run an investment firm there, and Nekrasov back to Russia to lead the Spartak Moscow football club.

The full dispatch is available from the source below.