Dossier: East-West United Bank draws to a close

By Camille FratiLex Kleren Switch to French for original article

The Luxembourg bank has just been placed in compulsory liquidation after a ten-year battle not to repay the €15 million it owes to Latvian bank Krajbanka.

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On 15 September 2019, East-West United Bank celebrated its 45th anniversary in style. The political and business elite were invited to the Philharmonie to listen to a concert by the Mariinsky Theatre Orchestra conducted by the Russian conductor Valery Gergiev, who is also Honorary Consul of Luxembourg in Saint Petersburg. Prime Minister Xavier Bettel (DP), Economy Minister Etienne Schneider (LSAP) and his predecessor Jeannot Krecké (LSAP) posed smiling for the photo alongside Vladimir Yevtushenkov, CEO of the Sistema conglomerate and Honorary Consul of Luxembourg in Moscow. "The bank has grown and developed along with Luxembourg's economy, and everything that has been achieved so far is just the beginning of a long road ahead, " declared Mr Krecké confidently. Despite the verbal condemnations and sanctions against Russia for its annexation of Crimea in 2014, there did not seem to be any clouds on the horizon for the Luxembourg bank, which has established itself as a bridge between Europe and Russia.

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