Luxembourg's finance ministry has asked the public prosecutor and banking supervisor to investigate allegations of sanctions circumvention and possible insider trading by ex-managers of Gazprombank. The Financial Times reported that four former directors at Gazprombank Luxembourg enriched themselves through a bond-trading scheme involving insider information and potential sanctions violations. They exploited the chaos from EU sanctions against Russia in 2022 by buying discounted Gazprom bonds and swapping them for newly issued bonds trading at full price in Russia, potentially netting profits exceeding €9 million.

The bank and the initiating former director denied wrongdoing, while the other three did not respond to comment requests. At a closed parliamentary committee hearing, Luxembourg finance minister Gilles Roth confirmed he had forwarded the information to the prosecutor's office and CSSF banking auditor. Social Democrat MP Franz Fayot stated the minister indicated it was now in the hands of criminal authorities.

The prosecutor's office confirmed receiving the finance ministry's request but declined further comment. The CSSF conducted an inspection in March 2023 following a tip-off but only required the bank to update its employee handbook. Committee chair Diane Adehm noted that if violations occurred, the ministry was obligated to contact prosecutors.