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• GPB International, a subsidiary of Russia’s Gazprombank, has been operating in Luxembourg for over a decade. It survived the sanctions imposed on Russia for annexing Crimea, and the full-scale invasion of Ukraine brought the bank record profits.

• Neither the EU nor the US have imposed blocking sanctions on the bank, allowing it to continue using the SWIFT system and conduct international payments. Gazprombank’s special status is a consequence of Europe’s dependence on Russian energy resources, primarily gas. Since payments for Russian energy supplies are made through Gazprombank, from the very start, the West decided not to impose restrictive measures, economists researching on sanctions say.

• Though it’s based in Luxembourg, GPB International is no ordinary European bank: it’s a wholly-owned subsidiary of Russia’s Gazprombank, whose co-owners include people from Vladimir Putin’s inner circle.

• Gazprombank’s Luxembourg subsidiary has never been publicly linked to the president’s inner circle. It hasn’t appeared in any high-profile document leaks or investigations by European law enforcement agencies.

• Luxembourg is a convenient jurisdiction for many financial operations: the country’s legislation makes it easy to open companies, and its tax system is beneficial for investors (e.g., favorable dividend taxation). Many Russian banks and financial organizations, both state-owned and private, have taken advantage of this. For example, Alfa-Bank’s parent company, ABH Holdings SA, is registered in Luxembourg. Businessmen Mikhail Fridman and Petr Aven control the bank through this entity.