Stefan Wittebol CC NC

Enabling Putin’s war

The ties between Amsterdam’s financial centre and Gazprom

Publication

Rodrigo Fernandez

Ilona Hartlief

Reijer Hendrikse (VU Brussel)

Tobias J. Klinge (KU Leuven)

17 March 2022

This briefing focuses on Gazprom’s business activities in Amsterdam, the Netherlands, which are serviced by a range of accountancy and law firms. As the world’s largest gas producer, majority state-owned Gazprom is generally considered the most lucrative jewel in Putin’s crown. The offshore financial center of Amsterdam, meanwhile, functions as the world’s largest “conduit” tax haven i.e. the world’s prime intermediary gateway for global capital, attracting multinational corporations that operate out of its financial centre.

Reflecting the rampant globalisation of capital, Amsterdam not only services Western multinationals, but also a range of corporations tied to numerous authoritarian regimes across the world. Effectively functioning as a major infrastructural pipeline in the global economy, the Netherlands is the second largest destination for capital flows from Russia.

We provide an overview of Gazprom’s company structure and investors. Subsequently, we zoom in on Gazprom’s
local footprint in Amsterdam and reveal how the company is entwined with many local corporate services. We put the spotlight on all of Putin’s enablers: accountants, tax lawyers, trust service providers, and regulators, foremost the Dutch Central Bank (DNB), the tax authority, and the Dutch Ministry of Finance.