Germany wants EU citizens to be banned from holding top posts in Russian companies

Germany wants EU citizens to be banned from holding top posts in Russian companies

Germany proposes that all EU member states prohibit their citizens from holding positions of top managers in Russian state-owned companies.

The corresponding restriction could be introduced as part of the eighth package of sanctions, Guildhall reports with reference to Suddeutsche Zeitung.

The German authorities outlined their idea in a document that was sent to other EU countries. Berlin's proposal is to ban EU citizens from the boards or supervisory boards of Russia’s government-owned companies.

Read also: Zelensky appoints new ambassador to Germany

The German authorities argue that in this way, it would be possible to hinder the Kremlin's attempts to increase political pressure on the EU member states and restrict corruption.

At the same time, the ban is not expected to extend to the European-based subsidiaries of Russian companies.

It should be recalled that the ex-Chancellor of Germany, Gerhard Schroeder, had worked as the head of the board of directors of Rosneft until he quit in May 2022. Schroeder is considered Putin’s “friend,” while his work for the Russian regime bore reputational costs for Germany.

As reported earlier, the eighth package of sanctions is unlikely to include a cap on Russian oil prices.

While citing and using any materials on the Internet, links to the website not lower than the first paragraph are mandatory. In addition, citing the translated materials of foreign media outlets is possible only if there is a link to the website and the website of a foreign media outlet. Materials marked as "Advertisement" or with a disclaimer reading "The material has been posted in accordance with Part 3 of Article 9 of the Law of Ukraine "On Advertising" No. 270/96-VR of July 3, 1996 and the Law of Ukraine "On the Media" No. 2849-Х of March 31, 2023 and on the basis of an agreement/invoice.

© 2015-2024 Ukrinform. All rights reserved.

Extended searchHide extended search
By period: