Deutsche Bank's scandal: Storehouse of compromising materials about post-Soviet elite

Author : Roman Komyza

Source :

Deutsche Bank has been used by some clients to withdraw from Russia about $ 10 billion, exactly the same schemes were used by Ukrainian oligarchic structures
23:15, 31 January 2017

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Things are not going well with Deutsche Bank...

British financial regulator has fined Deutsche Bank AG for 163 million pounds (US $ 204 million) in connection with serious violations, contributed to operations, which helped the "rich Russians" to bring billions of dollars out of the country.

Deutsche Bank has been used by some clients to withdraw about $ 10 billion from Russia, according to the statement of the regulator’s representative, issued this morning. Money has been withdrawn in the period between 2012 and 2015 using the front office of Deutsche Bank in Russia.

The most interesting is that financial sanctions were imposed in only a few hours after similar charges were brought against Deutsche Bank by the US authorities. On Monday, the New York Department of Financial Services fined the bank for $ 425 million. The US Department of Justice continues criminal investigation during which Deutsche Bank has already agreed to pay a civil penalty of $ 7.2 billion to resolve the situation on charges related to the sale of toxic mortgage debts.

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According to British FCA, to withdraw money from Russia, Deutsche Bank clients carried out the so-called mirrored transactions, which resulted in more than $ 6 billion, transferred to foreign accounts in the UK, as well as countries such as Cyprus, Estonia and Latvia. There have also been committed even more suspicious "unilateral transactions" in the amount of about $ 4 billion.

"Mirrored deals" allowed customers to buy shares of foreign "blue chips" for rubles, while the same shares were sold for dollars in London, enabling sellers to get the US currency. Such transactions considered legal in general, but from the side of Deutsche Bank it is a violation of the necessary controls to prevent money-laundering and other offenses.

I can only add that exactly the same situations were used by Ukrainian oligarchic structures, many of which used the schemes of their "Russian colleagues" and even jointly exploited the same channels. Thus the "Deutsche Bank case" became a storehouse of compromising materials about the post-Soviet "elite"...

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