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HomeBusinessFormer German Chancellor Gerhard Schroder steps down at Rosneft

Former German Chancellor Gerhard Schroder steps down at Rosneft


Former German Chancellor Gerhard Schroder steps down as director at Russia’s top crude oil producer Rosneft

Former German Chancellor Gerhard Schroder has stepped down as director at Russia’s top crude oil producer Rosneft. 

He told the state-owned giant, responsible for 40 per cent of Russia’s crude output, he was unable to continue as chair of the board, a role he has held since 2017. 

After serving as German Chancellor from 1998 until 2005, Schroder has controversially became involved in Russian business. 

Departure: Gerhard Schroder told Rosneft he was unable to continue as chair of the board

Departure: Gerhard Schroder told Rosneft he was unable to continue as chair of the board

He played a major role in the construction of the Russian gas pipelines Nord Stream 1 and 2, and has been heavily criticised over his friendship with Russian president Vladimir Putin. 

Rosneft’s annual report last year showed Schroder earned £481,310. 

Growing anger in Germany over his ties to the Kremlin prompted a Bundestag committee to strip him of his post-parliamentary privileges, meaning he loses his taxpayer-funded office and staff, which costs around £338,000. 

Schroder was nominated to the board of Russian gas firm Gazprom this year, but no announcement has been made on whether he will continue with this. 

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