Gerhard Schroeder has spent his private-sector career since leaving office in 2005 effectively furthering the cause of European economic strength by developing sources of cheap Russian energy to serve the EU’s industrial and consumer needs. If Germany and the bloc still have the ability to say no to Washington without having to worry about the economic repercussions that they could face, Schroeder should be at the top of their thank-you lists for that.
Instead, the European Parliament has now drafted a resolution – non-binding at this stage – urging Brussels “to extend the list of individuals targeted by EU sanctions to the European members of the boards of major Russian companies and to politicians who continue to receive Russian money.” The resolution does not name any names, but such an extension would mean that Schroeder, as well as several others, could become the target of asset freezes and property confiscations. Such measures are currently being applied to Russian ‘oligarchs’, who have lost their mansions and yachts on EU territory. Now, the bloc could start taking away property from its own citizens.
The threat of this has pushed Schroeder into resigning his position as chairman of the supervisory board of Russian oil giant Rosneft, which he has occupied since 2017. He is also chairman of the shareholders’ committee of the Nord Stream pipeline projects to deliver Russian gas to European markets through Germany. These projects are cornerstones of German and broader European economic independence, notably from dependence on American energy – which is why Washington hounded and sanctioned them into stoppage.
Schroeder was well rewarded for the jobs in the Russian energy sector – reportedly to the tune of $1 million a year (including $600 thousand in Rosneft), but this is not that unusual compared to other former high-ranking politicians who moved on to make money in the private sector.