We have submitted a formal appeal to the Chambre des Députés calling for the immediate consideration of sanctions against the bank GPB International S.A., registered in the very center of Luxembourg.
This is not merely a financial institution, but a structure linked to Gazprombank — one of the key elements of Russia’s financial system.
Sanctions already exist — but not in Luxembourg
The bank is already subject to U.S. sanctions under Executive Order 13662 and Executive Order 14024, imposed through the Office of Foreign Assets Control.
According to U.S. authorities, such entities help Russia maintain access to international financial channels despite sanctions pressure.
👉 In effect, these mechanisms enable the circumvention of restrictions and support the financial stability of a state engaged in war.
A question of responsibility: can this be ignored?
We emphasize that in the context of Russia’s war against Ukraine and the numerous civilian casualties, any financial infrastructure connected to the Russian banking system carries not only economic, but also moral consequences.
In our view, allowing such structures to continue operating in Luxembourg:
- undermines the country’s reputation as a financial center
- creates risks of involvement in sanctions circumvention
- raises questions of political responsibility
Demands to Parliament
The appeal calls on the Chambre des Députés to:
- Urgently consider the introduction of national sanctions against GPB International S.A.;
- Align national legislation with measures adopted by allies, including the United States and the European Union;
- Strengthen oversight of financial flows linked to sanctioned entities;
- Ensure transparency and public accountability in decision-making on this issue.
Luxembourg at a crossroads
This situation places Luxembourg before a fundamental choice:
to maintain its status as a neutral financial platform or to adopt a firmer stance within the framework of international sanctions policy.
