Overview

• Sparkasse Hannover has halted payments to Gerhard Schröder from Nord Stream 2 AG, citing concerns about potential US sanctions.
• The payments, amounting to €200,000 every six months, have been blocked since mid-2024, totaling €500,000 returned to Gazprombank in Luxembourg.
• Belit Onay, Hannover's Mayor and chairman of Sparkasse Hannover's administrative board since mid-2024, previously criticized Schröder's ties to Russia in 2022.
• Schröder, a longtime advocate for the Nord Stream pipeline, recently defended it as necessary for Germany's energy security despite geopolitical tensions.
• The EU is preparing new sanctions against Russia, including a proposed operational ban on the Nord Stream pipelines, as part of its broader strategy to reduce reliance on Russian energy.