Swiss Court Rejects Appeal from Gazprombank Bankers

Four former Gazprombank employees have exhausted their legal options after Switzerland’s highest court upheld convictions for failing to conduct proper due diligence. The case centers on financial accounts linked to Sergey Roldugin, a concert cellist and close associate of President Vladimir Putin, which the court deemed insufficiently vetted.

The ruling concludes a protracted legal battle that began with a 2023 Zurich District Court decision. The four defendants—three Russians and one Swiss national—were originally handed suspended fines totaling over 450,000 Swiss francs. Despite their repeated appeals, the judiciary maintained that the bankers neglected mandatory verification protocols regarding the true ownership of millions of francs held in Roldugin’s name between 2014 and 2016.

Prosecutors argued that Roldugin acted as a strawman for the Russian president, a claim the Kremlin has dismissed as politically motivated. The investigation highlighted significant red flags, including how a professional musician acquired a 20% stake in a media firm valued at over 100 million francs and received annual dividend payments in the millions. While defense lawyers contended that Roldugin’s wealth was simply a product of his high-profile social connections, the court found the bankers failed to meet the strict identification requirements mandated by Swiss law.