Source:
這篇文章聚焦美國總統特朗普（川普） 跟俄羅斯的關係，會帶領讀者穿梭時空，從一單被華文傳媒忽略的財經新聞說起。
美國財政部制裁 VTB Bank
今年 9 月 14 日，美國財政部（The U.S. Department of the Treasury）宣布制裁俄羅斯外貿銀行（簡稱 VTB Bank）。根據財政部發出的新聞稿，VTB Bank 在過去三年間作出以下行動：
（一）與受制裁的伊朗金融機構建立代理銀行關係。(Established correspondent banking relationships with sanctioned Iranian financial institutions.)
（二）在伊朗擴展業務，包括採取措施壯大該銀行在德黑蘭的業務規模。 (Expanded its banking presence in Iran, including steps to increase its presence in Tehran.)
（三）採取行動轉移數十億被凍結的伊朗資產。 (Took steps to move billions in frozen Iranian assets.)
（四） 建立一套結算體系，使用以伊朗裡亞爾和俄羅斯盧布計價的代理銀行賬戶，促進伊朗和俄羅斯的雙邊貿易。(Created a settlement system using correspondent accounts denominated in Iranian rials and Russian rubles to facilitate bilateral trade.)
簡單地說：VTB Bank 的罪名是協助伊朗規避制裁 (Evade Sanctions)。制裁的後果是 VTB Bank 在美國管轄範圍內的財產及財產權益被凍結；除非獲得授權或屬於豁免情形，否則美國人士參與或在美國境內進行的、涉及該銀行的交易，原則上均被禁止。
這是 VTB Bank 第三次被美國制裁，第一次是 2025 年 1 月 15 日，第二次是 2022 年 2 月 24 日，原因都跟俄羅斯有關。第三次制裁是在舊的制裁的基礎上加上新的罪名（協助伊朗規避制裁），並非取代第一次和第二次的制裁令內容。第三次制裁是「經濟孤立行動」（Operation Economic Outcast）的一部份，目的是對任何與伊朗保持經濟聯繫的國家（即是：俄羅斯，中國，土耳其和阿聯酋）實體實施嚴厲的制裁。背景：美國今年二月底擊殺伊朗的領導人哈梅內伊（Ayatollah Ali Khamenei），之後神權政府繼續運作，政權沒有崩潰，於是美國改用經濟制裁手段對付伊朗，務求盡快結束戰爭，抽身離場。
ICIJ 的報導
今年 9 月 21 日，即是美國政府第三次制裁 VTB Bank 的一星期後，國際調查記者同盟（International Consortium of Investigative Journalists, ICIJ）發表報導，指俄裔商人Konstantin Sokolov 所控制的 Dynamic Frontier Holdings 得到美國財政部（The U.S. Department of the Treasury）的豁免，可以收購在美國境內開採銅礦的公司 Teghut，而 Teghut 的大股東及債權人是 VTB Bank。ICIJ 指出，Konstantin Sokolov 曾經捐錢贊助美國白宮的舞廳計畫（White House ballroom project），金額是 US$350 million。詳情見《延伸閱讀》部份提供的 ICIJ 報導（日期：2026-09-21）。
問題來了：美國政府一方面制裁 VTB Bank，另一方面又容許俄裔商人 Konstantin Sokolov 向它輸血（透過收購銅礦公司向銀行注入資金），方向相反，自相矛盾，對不對？該收購得到豁免，是否特朗普的主意？ VTB Bank 是否利益輸送或交換的渠道？當中有沒有 Under-the-table deal（檯底交易）？抑或制裁令只是煙幕？這些都是合理懷疑，對不對？
VTB Bank + Deutsche Bank + Donald Trump
如果你知道 VTB Bank 跟美國總統特朗普及德意志銀行 (Deutsche Bank) 的關係，就不會覺得奇怪，然後你會把注意力轉移到另一個更關鍵的問題，就是特朗普跟俄羅斯的關係，即是：他是否被俄羅斯收買或控制?
這個博客有一篇舊文寫德意志銀行 (Deutsche Bank) 如何因為金錢而被捲入政治漩渦，題目：《德意志＋鐮刀幫＋美國總統》，發佈日期：2020-07-23。裡面引述調查媒體《Forensic News》的報導（日期：2020-01-03），指德意志銀行 (Deutsche Bank) 在九十年代曾經借錢給特朗普，而 VTB Bank 日後成為部份貸款的 Underwriter（承銷商或擔保人）。銀行作為貸款的擔保人能夠獲取貸款人的信貸和財務訊息，以及（相關）資產的狀況。對貸款人而言，擔保人可能是「隱身」的，即是貸款人未必知道擔保人是誰。特朗普是否財政上早已被俄羅斯「起底」，自己想。
這個說法的來源是德意志銀行 (Deutsche Bank) 高層William S. Broeksmit 的兒子 Val Broeksmit。William S. Broeksmit 在 2014 年自殺，生前職位是 Chief Risk Officer 兼董事局成員。他死後，兒子 Val Broeksmit 埋頭研究父親留下的文件以及儲存於電腦內的超過 21,500 封電郵，然後以「吹哨人」(Whistle blower) 的身份於 2019 年底向美國聯邦調查局（FBI）提供訊息。他聲稱特朗普在德意志銀行 (Deutsche Bank) 取得的貸款背後有俄羅斯 VTB Bank 的隱形背書。簡單地說：兒子替父親報仇，而報復對像是父親的僱主（德意志銀行 Deutsche Bank）。兒子本是開心快活人，跟朋友組織獨立樂隊，但父親的死改變了他的人生路，這是一部財經版的復仇劇。詳情見《延伸閱讀》部份提供的《Forensic News》報導（日期：2020-01-03）。
調查媒體《Forensic News》和多間主流新聞機構都有跟進這個說法，調查結果是無法證實 VTB Bank 是否承銷或擔保了德意志銀行 (Deutsche Bank) 給特朗普的貸款。特朗普在 2016 年底當選美國總統（第四十五任，任期：2017 年 1 月 20 日至 2021年 1 月 20 日）之後，德意志銀行 (Deutsche Bank) 內部曾對特朗普及其家人的賬戶進行過全面審查，尋找與俄羅斯的資金聯繫，沒有發現任何證據證明其約 3 億美元的貸款與莫斯科或俄羅斯銀行有任何關聯。但在 2016 年底特朗普當選美國總統之後，德意志銀行曾急於脫手一筆借給 VTB 銀行的 6 億美元貸款，以降低自身對俄羅斯實體的風險敞口，此舉隨後引發了美國國會調查人員的關注，詳情見《延伸閱讀》部份提供的《華爾街日報》(Wall Street Journal) 報導，發表日期為 2019-02-03。
雖然「VTB 銀行承銷特朗普貸款」的說法至今仍未找到確實證據，但是德意志銀行 (Deutsche Bank)、特朗普與俄羅斯資金之間確實曾在不同事件中交織，引發外界聯想。如果你繼續把時間線往過去推移，會找到更多的疑點，例如：莫斯科大樓計畫 （Moscow Trump Tower）。在 2015 年底的總統選舉期間，特朗普集團曾計劃在莫斯科建造「特朗普大廈」（Moscow Trump Tower），當時其團隊聯絡的資助方正是受美國制裁的 VTB 銀行，但該項目最終被放棄。換言之，VTB 銀行不只一次在特朗普的商業版圖中出現，扮演出資者的角色。這間俄羅斯國營銀行是否普京的白手套，自己想。
特朗普與俄羅斯之間的交往紀錄
在英語世界，特朗普的通俄嫌疑不是新聞。特朗普與俄羅斯的交往記錄，可以參考《延伸閱讀》部份提供的《美國之音》(Voice of America, VoA) 文章，發表日期是 2017 年1 月 28 日，裡面提供一條完整的 Timeline，記錄特朗普與俄羅斯之間的交往，社麼時候見過什麼人，都記錄在案。Timeline 從 1986 年到 2016 年，時間跨度 40 年，資料來源是美國的主流傳媒。如果你想從間諜戰的角度探討特朗普與俄羅斯之間的關係，可以參考《延伸閱讀》部份提供的 Politico 文章，題目是 The Hidden History of Trump’s First Trip to Moscow，發表日期是 2017-11-19。作者從間諜戰的角度出發，解釋 KGB 為何看上特朗普，文章的結尾暗示特朗普選總統的決定可能是受到 KGB 的影響，信不信由你。萬一你不知道：Politico 是其中一間被特朗普下令禁止進入白宮採訪的傳媒。特朗普是阿修羅，好戰和記仇，跟舊媒體關係惡劣。
俄烏戰爭的最新發展
特朗普是言行不一的人，也是變臉大師和漂移高手。這種人，看行動就夠。把時間線拉回今天，暫時忘記 VTB Bank 的角色，但是把俄烏戰爭在過去兩個星期的最新發展加入去，即是：
- 美國財政部放寬了俄羅斯柴油交易的部份限制，讓美國可以購買俄羅斯達柴油，客觀效果是向俄羅斯的戰爭機器輸血（送錢），也可能令美國的油價升勢稍為放緩（但美國的經濟學家認為作用輕微），有利中期選舉。換言之，此舉對普京和特朗普都有利。
- 特朗普叫烏克蘭不要轟炸俄羅斯的煉油設施，然後聲稱俄羅斯跟烏克蘭已經達成「能源停火」，澤連斯基表示沒聽過。特朗普又叫烏克蘭換總統，因為澤連斯基不想結束戰爭，比普京更麻煩。
- 烏克蘭軍方使用 Space X 旗下的星鏈以及星盾系統突然被限速，令烏軍的作戰能力受損。之後澤連斯基接受英國的《金融時報》 (The Financial Times) 的獨家訪問，表示感覺被出賣，受夠了，然後烏軍繼續轟炸俄羅斯的煉油設施（收入來源或經濟命脈）。另一份英國傳統報章《每日郵報》 (the Daily Telegraph) 就追查此舉到底是特朗普還是馬斯克 (Elon Musk) 的決定，特朗普公開表示並非他的決定，把責任推卸給馬斯克。
結論
特朗普不只一次打壓烏克蘭（提示：You don't have the cards，日期：2025 年 2 月），但是近期的打壓行動更加頻密以及精準，明顯地站在俄羅斯這一邊。香港網民的留言：侵侵幫普京幫到出曬面！（特朗普毫不掩飾地支持普京。） 大陸網民的留言：川妹妹救京哥哥！連尋常百姓都看得出是什麼一回事：普京撐不住了。
結論：俄烏戰爭去到關鍵時刻，特朗普寧願犧牲自己（提示：中期選舉）也要保住普京，二人是什麼關係，誰是主，誰是僕，已經很清楚了。美國居然跟俄羅斯和北韓站在同一陣線？哈哈。中國的領導人看在眼裡，會是什麼滋味（是否被普京玩弄了？），該如何應對，又是另一個問題。
有理由相信，特朗普下台之後，他跟俄羅斯的複雜關係會成為調查記者寫書或拍攝紀錄片的題材。至於 VTB Bank 在北京，上海和香港的辦事處有沒有成為俄羅斯收買特朗普的轉錢渠道，有待查證。
延伸閱讀／參考資料：
维基百科：俄羅斯外貿銀行 (VTB)
https://zh.wikipedia.org/wiki/%E4%BF%84%E7%BE%85%E6%96%AF%E5%A4%96%E8%B2%BF%E9%8A%80%E8%A1%8C
節錄：俄羅斯外貿銀行（俄語: ОАО Банк
ВТБ，英語舊稱 Vneshtorgbank，日語舊稱外國貿易銀行），簡稱 VTB 或 VTB 銀行，是俄羅斯一家具領導性的全球性銀行。歷史：
- 1990 年，俄羅斯外貿銀行（Vneshtorgbank）在俄羅斯中央銀行與俄羅斯財政部支持下成立。它被成立為一家有限責任公司，主要是協助俄羅斯外貿、促進俄羅斯融入全球經濟的目的。
- 1998 年，該銀行轉變成一家公開的上市公司，由俄羅斯政府中央銀行擁有其中 96.8％ 的多數股權份額。
- 2002 年，該銀行股份，被轉移到俄羅斯的國有資產部門。
- 2004 年，該銀行收購了大部份股份（85.81％）的古塔銀行（Guta Bank），新收購改組為零售銀行。Vneshtorgbank 24 還收購了亞美尼亞 Armsberbank，後來更名為俄羅斯外貿銀行亞美尼亞分行。
- 2024 年 12 月，俄羅斯入侵烏克蘭受到西方制裁併與 SWIFT 系統斷開連接，俄羅斯外貿銀行宣布自願和強制放棄許可證，關閉非洲安哥拉的唯一分行。
俄羅斯外貿銀行（VTB Bank）上海分行
https://www.butb.by/upload/file/VTBSH_CN.pdf
（推介原因：內有 VTB Bank 在上海，北京和香港辦事處的地址。香港或上海或北京有沒有成為俄羅斯收買特朗普的轉錢渠道，有待查證。）
美國最新制裁 VTB 銀行上海分行（簡體字）
阜新市人民政府
日期：2024-06-20
https://www.fuxin.gov.cn/content/2024/922304.html
節錄：這兩年做俄羅斯市場的外貿人一定聽過俄羅斯外貿銀行（VTB），它現在的火爆程度是開戶排隊一排就要好幾個月。但根據最新消息，美國當地時間 2024 年 6 月 12 日，美國國務院與財政部 OFAC 發佈公告，對 300 多家個人與實體實施制裁，涉及俄羅斯金融機構的在海外分支，其中就包括了 VTB 上海和 VTB 香港。
去年 12 月，拜登簽署一項行政令，賦予美國財政部權力，如果發現外國金融機構為美國政府視為俄羅斯國防部門的約 1200 個實體中的任何一個行事，或代表這些實體行事，則可對這些實體實施二級制裁。由於這項行政令，第三國的銀行會不願意與高風險的俄羅斯客戶打交道。這次其實是大幅擴大對俄羅斯的二級制裁計畫。
（推介原因：VTB 上海和 VTB 香港被美國制裁的紀錄。）
Trump administration gave firm with ties to ballroom
donor the green light to do business with a sanctioned Russian bank
Private equity investor Konstantin Sokolov was also
appointed to run a government enterprise fund.
By David Kenner
ICIJ
September 21, 2026
Key
Points:
- A company linked to a major Trump donor received authorization from the Treasury Department to complete an acquisition involving a sanctioned Russian bank, according to public records.
- The Texas-based Dynamic Frontier Holdings purchased Teghut, one of Armenia’s largest copper mines, this summer. Dynamic Frontier’s manager is Konstantin Sokolov, a Russian-American businessman who was one of three dozen private donors to President Donald Trump’s $350 million White House ballroom project.
- Russia’s state-owned VTB Bank was Teghut’s primary shareholder and creditor prior to the purchase. The U.S. Treasury Department sanctioned VTB Bank following Russia’s invasion of Ukraine, describing it as a “critical artery” of the country’s financial system.
- The sanctions prohibit U.S. companies and individuals from transacting with VTB Bank. But on Sept. 3, Dynamic Frontier said in a press statement that it had “received authorization from the U.S. Department of the Treasury” on June 1 to acquire all of Teghut’s shares and outstanding debt.
- The Treasury Department’s Office of Foreign Assets Control, known as OFAC, can grant a license to individuals or companies to complete transactions that would otherwise be prohibited by sanctions. OFAC states on its website that it may grant a license to do business with sanctioned Russian entities when it is in the interest of the applicant and the U.S. government.
- Sokolov was born in the Russian city of St. Petersburg in 1975 and immigrated to the United States at 21 years old, according to his personal website. In the late 2000s, he helped launch an investment fund that backed Russian real estate and hospitality projects.
- Sokolov
gave $2,300 to support Barack Obama’s presidential campaign in 2008, according
to public records. But in more recent years, he has made large donations to Republican political
causes. He donated $11 million in 2025 to MAGA Inc., a major pro-Trump super
PAC, as well as
making over a dozen other donations to other Republican campaigns and political
groups. He also donated an undisclosed
sum toward the new White House ballroom.
About ICIJ
The International Consortium of Investigative
Journalists (ICIJ) tells stories that punch through the noise, showing how the
world really works, triggering positive change.
Who funds ICIJ?
You can find a list of our recent supporters here.
https://www.icij.org/about/our-supporters/
Press Release
Operation Economic Outcast Sanctions Major Bank
Helping Iran Evade Sanctions
US Department of the Treasury
September 14, 2026
https://home.treasury.gov/news/press-releases/sb0629
Excerpt: Today, under Operation Economic Outcast, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated prominent Russian financial institution, VTB Bank Public Joint Stock Company (VTB Bank) for its involvement in Iranian sanctions evasion, including establishing correspondent relationships with sanctioned Iranian banks.
OFAC’s action against VTB Bank is being taken pursuant to Executive Order (E.O.) 13902, which targets certain sectors of the Iranian economy, including Iran’s financial sector. VTB is now among the most comprehensively sanctioned financial institutions in the world. Operation Economic Outcast introduced greater secondary sanctions risk and an accelerated pace of enforcement for those who continue to do business with the Iranian regime. Foreign financial institutions that continued to deal with VTB following its designation under OFAC’s Iran sanctions authorities are exposed to even more sanctions risk than before and should cut off those relationships immediately.
OPERATION ECONOMIC OUTCAST IS ISOLATING THE IRANIAN
REGIME
Announced by Secretary Bessent on August 24, 2026 and dubbed “Economic D-Day,” Operation Economic Outcast is severing the remaining economic lifelines that sustain the Iranian regime. Treasury has mapped the networks, facilitators, and financial channels that Iran uses to smuggle oil, evade sanctions, and fund terror. Working with partners across the U.S. government, the European Union, United Kingdom, Gulf partners, and others, Treasury is targeting any source of the regime’s illicit revenue.
Treasury warned that any entity facilitating money laundering or sanctions evasion on behalf of Iran risks being cut off from the U.S. financial system. Treasury also emphasized the secondary sanctions exposure for those who continue doing business with the Iranian regime and will accelerate the pace of U.S. enforcement. More information on Operation Economic Outcast is available here.
Today’s action follows recent Treasury
actions targeting banks in Turkey and UAE, and serves as a further warning to financial institutions and other
foreign businesses that there is no safe way to do business with Iran.
VTB BANK
VTB Bank Public Joint Stock Company (VTB Bank), one of Russia’s largest financial institutions, has opened bank offices in Iran in recent years in order to formalize closer banking coordination with the Iranian regime and expand trade between the two countries. Over the past three years, VTB Bank has established correspondent banking relationships with sanctioned Iranian financial institutions and began taking steps to increase its presence in Tehran in January 2025. VTB Bank has taken steps to move billions of frozen Iranian assets and created a settlement system for national currencies through correspondent accounts in Iranian rials and Russian rubles with the goal of increasing bilateral trade.
VTB Bank is being designated pursuant to E.O. 13902 for operating in the financial sector of the Iranian economy. VTB Bank was previously designated by OFAC on January 15, 2025 pursuant to E.O. 13662 for operating in the financial services sector of the Russian Federation economy, and on February 24, 2022 pursuant to E.O. 14024 for being owned or controlled by, or for having acted or purported to act for or on behalf of, directly or indirectly, the Government of Russia and for operating or having operated in the financial services sector of the Russian Federation economy.
SANCTIONS IMPLICATIONS
As a result of today’s action, all property and
interests in property of the designated or blocked person described above that
are in the United States or in the possession or control of U.S. persons are
blocked and must be reported to OFAC. In addition, any entities that are owned,
directly or indirectly, individually or in the aggregate, 50 percent or more by
one or more blocked persons are also blocked. Unless
authorized by OFAC, or exempt, OFAC’s regulations generally prohibit all
transactions by U.S. persons or within (or transiting) the United States that
involve any property or interests in property of blocked persons.
Treasury Targets Russian Bank for 3rd Time
ACAMS
September 14, 2026
https://www.acams.org/en/news/treasury-targets-russian-bank-3rd-time
The U.S. Treasury Department's Office of Foreign Assets Control targeted one of Russia's largest financial services companies with new sanctions Monday for creating a channel to settle trade payments in rubles and rials with Iran after both countries lost access to dollars and euros.
After opening an office in Tehran in May 2023, Moscow-headquartered VTB Bank Public Joint Stock Company established correspondent relationships with U.S.-designated financial services companies in Iran, according to OFAC, and took steps to move billions of dollars of frozen assets on behalf of the Islamic Republic.
The practical impact of Monday's announcement is unclear, as OFAC twice imposed sanctions on VTB prior to today: Once in February 2022 for being owned or controlled by the Russian government, and again in January 2025 for operating in Russia's financial services sector.
Still, today's action makes VTB "one of the most comprehensively sanctioned financial institutions in the world," according to OFAC, which warned that other companies that "continue to do business" with Iran expose themselves "to even greater secondary sanctions risk than before."
OFAC disclosed the latest sanctions 10 days after
blacklisting Turkey's Golden Global Bank for allegedly handling tens of
millions of dollars for Iran, and 16 days after the Financial Crimes
Enforcement Network moved to sever Banque Misr UAE's access to the U.S. for
acting as a "key financial lifeline" for the Iranian regime.
About ACAMS
https://www.acams.org/en/about
ACAMS is the essential global partner mobilizing the
anti-financial crime community to stay ahead of emerging threats. Through
certification and training, timely intelligence, and a connected global
network, we help organizations take action to prevent financial crime.
Pietro Odorisio 的貼文
（推介原因：外國金融罪案專家的分析。）
Treasury sanctions VTB Bank for helping Iran evade
sanctions
Marco Beranzoni
https://fincrimeagent.com/news/issue-17/treasury-sanctions-vtb-bank-iran-sanctions-evasion/
（推介原因：外國金融罪案專家的分析。）
Trump Deutsche Bank Loans Underwritten By
Russian State-Owned Bank, Whistleblower Told FBI
By Scott Stedman
Forensic News
January 3, 2020
Key
Points:
- Deutsche Bank’s loans to Donald Trump were underwritten by Russian state-owned VTB Bank, according to the whistleblower whose collection of thousands of bank documents and internal communications have captured the recent attention of federal investigators.
- Val Broeksmit acquired the emails and files of his late father, Deutsche Bank executive William S. Broeksmit, after Broeksmit tragically took his own life in 2014.
- Val informed the FBI in late 2019 about his knowledge of VTB’s underwriting of Trump’s loans, information he attributed to a network of sources connected to the bank he cultivated over the past five-plus years.
- Underwriting is the process where financial institutions assess the ability of potential customers to fulfill their obligations. Underwriters have access to “credit and financial information, as well as the state of the [property],” according to US News, though underwriters can sometimes be unknown to the person seeking the loan.
- Forensic News is not confirming the underlying claim that VTB, or a high-profile client of VTB, underwrote Trump’s loans from Deutsche Bank. Forensic News can, however, confirm that at least some of Trump’s loans were issued by a bank subsidiary with business ties to VTB. That subsidiary owed more than $48 million to VTB in 2013 and documents suggest the subsidiary continued doing business with VTB even after the bank was sanctioned in 2014.
- Val Broeksmit’s full statement is below: The Russian state bank VTB underwrote loans to Donald Trump via Deutsche Bank. Over the course of Trump’s relationship with DB, an inordinate amount of questionable, mismanaged & risky loans approved by Deutsche Bank to Trump required his Personal Guarantee which, over time, also lost its value. Trump’s team at DB sought out creative ways to circumvent the varied protections DB’s compliance team institutionally implemented, & whether by happenstance or by design Trump’s loans became underwritten by Russia’s own VTB. I informed the FBI of this in 2019.
- The bank that allegedly underwrote Trump’s loans is one of the largest banks in Russia, and is majority owned by the Russian government. VTB (Vneshtorgbank) was placed on a sanctions list by the U.S. and the European Union in July 2014 as punishment for Russia’s invasion of Ukraine, ensuring anyone who continued doing business with the bank after that date could be subject to criminal liability.
- VTB returned to headlines in 2018 when Donald Trump’s former personal attorney, Michael Cohen, admitted that both he and Trump were told in 2015 that VTB would be the funder of the now-infamous Trump Tower Moscow project. Trump associate Felix Sater reportedly arranged for VTB to fund the project and worked to approve passports for a planned trip to Russia. As the election heated up, the trip became politically unpalatable and never occurred.
- US sanctions on VTB at the time
of the negotiations would have made the proposed funding for Trump Tower Moscow
potentially illegal under American law. Cohen later pleaded guilty to lying to
Congress about the Trump Tower Moscow project. In the Mueller report (Vol I, p.
85), Cohen admits that he spoke directly to a Kremlin assistant about the
project.
- It has also been revealed that Trump signed a letter of intent for the project in October 2015, months after he officially started his presidential campaign.
The Trump Secrets Hiding Inside Deutsche
Bank
The New York Times
Aug 28, 2019
https://www.nytimes.com/2019/08/28/business/deutsche-bank-trump.html
For
subscriber only
Investigators Expected to Probe Deutsche
Efforts to Shed Loan to Russian Bank
German lender, seeking to slash its
exposure to Russia in late 2016, scrambled to sell a $600 million loan
By Jenny Strasburg, Rebecca Ballhaus and
Dustin Volz
The Wall Street Journal
Feb 3, 2019
Intro: Congressional investigators expect the House Financial Services Committee to examine Deutsche Bank AG’s efforts after the 2016 election to shed a loan it made to VTB Group, a large Russian state-owned bank.
The Wall
Street Journal reported Saturday that Deutsche Bank, seeking to slash its
exposure to Russia in late 2016, scrambled to sell a 600 million it had
outstanding to VTB, according to documents and people familiar with the
funding.
Deutsche Bank in Late 2016 Raced to Shed
Loan It Made to Russian Bank VTB
German lender sold a chunk of the loan to
Russian financial institution Alfa Bank but Citigroup took a pass, documents
and people familiar with the matter indicate
By Jenny Strasburg and Rebecca Ballhaus
The Wall Street Journal
Feb 2, 2019
Deutsche Bank AG, DBK -1.56% decrease; down pointing triangle seeking to slash its exposure to Russia in late 2016, scrambled to shed a $600 million loan it had outstanding to VTB Group, a large Russian state-owned bank, according to documents and people familiar with the funding.
The German lender sold $300 million of the
loan to another Russian financial institution, Alfa Bank, in December 2016;
Deutsche wasn’t able to sell the rest of the loan, and VTB paid it back in
August 2017, the documents show and the people said.
Deutsche Bank examined Donald Trump's
account for Russia links
Bank looked for evidence of whether loans to president
were underpinned by guarantees from Moscow, Guardian learns
Luke Harding, Stephanie Kirchgaessner, Nick Hopkins
and David Smith in Washington
The Guardian
16 Feb 2017
Key Points:
- The scandal-hit bank that loaned hundreds of millions of dollars to Donald Trump has conducted a close internal examination of the US president’s personal account to gauge whether there are any suspicious connections to Russia, the Guardian has learned.
- Deutsche Bank, which is under investigation by the US Department of Justice and is facing intense regulatory scrutiny, was looking for evidence of whether recent loans to Trump, which were struck in highly unusual circumstances, may have been underpinned by financial guarantees from Moscow.
- The Guardian has also learned that the president’s immediate family are Deutsche clients. The bank examined accounts held by Ivanka Trump, the president’s daughter, her husband, Jared Kushner, who serves as a White House adviser, and Kushner’s mother.
- The internal review found no evidence of any Russia link, but Deutsche Bank is coming under pressure to appoint an external and independent auditor to review its business relationship with President Trump.
- Democratic congressman Bill Pascrell Jr, a member of the House Ways and Means committee, said: “We know that Deutsche Bank is a major lender to President Trump, and the firm is also currently undergoing scrutiny by the Department of Justice for alleged misconduct.
- Pascrell said the bank was under federal investigation for aiding Russian money-laundering - a “troubling potential conflict”. He said he would encourage Deutsche to “shine a bright light” on its lending to the president to “eliminate any speculation of wrongdoing ”. Congress should also be allowed to review Trump’s tax returns in closed session, he added.
- A source familiar with Deutsche Bank’s internal review said it came after Trump’s bid to become US president made him a politically exposed person. Under banking regulations, PEPs undergo tougher scrutiny than regular clients because of their proximity to government.
- After Trump’s victory in the US election in November the bank “double-checked” its records, the source said. The bank has also fielded numerous media inquiries about recent Trump loans, which were viewed as unorthodox among some bankers familiar with the transactions.
- According to an analysis by Bloomberg, Trump now owes Deutsche around $300m. He has four large mortgages, all issued by Deutsche’s private bank. The loans are guaranteed against the president’s properties: a new deluxe hotel in Washington DC’s old Post Office building, just round the corner from the White House; his Chicago tower hotel; and the Trump National Doral Miami resort.
The Hidden History of Trump’s First Trip to Moscow
In 1987, a young real estate developer
traveled to the Soviet Union. The KGB almost certainly made the trip happen.
By LUKE HARDING
Politico
November 19, 2017
https://www.politico.com/magazine/story/2017/11/19/trump-first-moscow-trip-215842/
Key Points:
- Trump's first visit to Soviet Moscow in 1987 looks, with hindsight, to be part of a pattern. The dossier by the former British intelligence officer Christopher Steele asserts that the Kremlin had been cultivating Trump for “at least five years” before his stunning victory in the 2016 US presidential election. This would take us back to around 2011 or 2012.
- When did the KGB open a file on Donald Trump? We don’t know, but Eastern Bloc security service records suggest this may have been as early as 1977. That was the year when Trump married Ivana Zelnickova, a twenty-eight-year-old model from Czechoslovakia. Zelnickova was a citizen of a communist country. She was therefore of interest both to the Czech intelligence service, the StB, and to the FBI and CIA.
- During the Cold War, Czech spies were known for their professionalism. Czech and Hungarian officers were typically used in espionage actions abroad, especially in the United States and Latin America. They were less obvious than Soviet operatives sent by Moscow.
- Zelnickova was born in Zlin, an aircraft manufacturing town in Moravia. Her first marriage was to an Austrian real estate agent. In the early 1970s she moved to Canada, first to Toronto and then to Montreal, to be with a ski instructor boyfriend. Exiting Czechoslovakia during this period was, the files said, “incredibly difficult.” Zelnickova moved to New York. In April 1977 she married Trump.
- According to files in Prague, declassified in 2016, Czech spies kept a close eye on the couple in Manhattan. (The agents who undertook this task were code-named Al Jarza and Lubos.) They opened letters sent home by Ivana to her father, Milos, an engineer. Milos was never an agent or asset. But he had a functional relationship with the Czech secret police, who would ask him how his daughter was doing abroad and in return permit her visits home. There was periodic surveillance of the Trump family in the United States. And when Ivana and Donald Trump, Jr., visited Milos in the Czechoslovak Socialist Republic, further spying, or “cover.”
- Like with other Eastern Bloc agencies, the Czechs would have shared their intelligence product with their counterparts in Moscow, the KGB. Trump may have been of interest for several reasons. One, his wife came from Eastern Europe. Two—at a time after 1984 when the Kremlin was experimenting with perestroika, or Communist Party reform—Trump had a prominent profile as a real estate developer and tycoon. According to the Czech files, Ivana mentioned her husband’s growing interest in politics. Might Trump at some stage consider a political career?
- At this point it is unclear how the KGB regarded Trump. To become a full KGB agent, a foreigner had to agree to two things. (An “agent” in a Russian or British context was a secret intelligence source.) One was “conspiratorial collaboration.” The other was willingness to take KGB instruction.
- There were many ambitious real estate developers in the United States—why had Moscow picked Trump?
- On July 4, 1987, Trump flew to Moscow for the first time, together with Ivana and Lisa Calandra, Ivana’s Italian-American assistant. Nothing came of the trip—at least nothing in terms of business opportunities inside Russia. This pattern of failure would be repeated in Trump’s subsequent trips to Moscow. But Trump flew back to New York with a new sense of strategic direction. For the first time he gave serious indications that he was considering a career in politics. Not as mayor or governor or senator. Trump was thinking about running for president.
（推介原因：作者從間諜戰的角度出發，解釋 KGB 為何看上特朗普，文章的結尾暗示特朗普選總統的決定可能是受到 KGB 的影響，信不信由你。）
Trump to appeal order blocking White House from banning MS NOW, CNN and
Politico
Kevin Breuninger
CNBC
Oct 14 2026
https://www.cnbc.com/2026/10/14/trump-appeals-white-house-ban-judge.html
Key Points:
- The Department of Justice
said it is appealing a federal judge’s order indefinitely blocking the White
House from enforcing its ban on MS NOW, CNN and Politico.
- Judge Timothy Kelly, whom President Donald Trump nominated, ruled that the three targeted outlets can keep their access to the White House complex.
Timeline: Trump's Involvements With Russia
By Masood Farivar
VOA (Voice of America)
January 28, 2017
https://www.voanews.com/a/trump-involvement-russia/3695927.html
（推介原因：《美國之音》提供的 Timeline，記錄特朗普與俄羅斯之間的交往，從 1986 年到 2016 年，時間跨度 40 年，資料來源是美國的主流傳媒。 ）
相關的文章：
德意志＋鐮刀幫＋美國總統
2020 年 7 月 23 日
https://xiaoshousha.blogspot.com/2020/07/blog-post_23.html
節錄：德銀也跟匯豐一樣，因為（九十年代）進軍中國和美國而被捲入政治漩渦。這間銀行所走過的路，讓你明白金錢和權力之間的複雜關係，以及金錢在國際政治中所扮演的角色。跟匯豐一樣，德銀於九十年代進軍美國市場，曾經借錢給一個做地產生意的美國佬，日後美國佬在 2016 年的總統大選中勝出。對，他叫 Donald Trump（中譯：特朗普、川普）。若干年後，一間俄國國營銀行成為部份貸款的 Underwriter，消息來源這樣說：
Deutsche Bank in troubles, again
2026 年 2 月 8 日
https://xiaoshousha.blogspot.com/2026/02/deutsche-bank-in-troubles-again.html
節錄：當客戶來自另一種政治制度，對銀行服務有另一套要求，如何在開拓新興市場和風險管理之間取得平衡，是高難度的走鋼線功夫，考驗管理層的功力。德意志銀行的客戶名單，以及這間銀行跟俄羅斯和中國客戶交手的經歷，讓你明白這個遊戲有多難玩。當源自資本主義的外資銀行跟來自前共產主義國家的白手套（個人或企業）打交道，西方人設計的監控制度（內部合規）能否發揮應有的功能？還是在利潤面前被矮化或被犧牲？德意志銀行的經驗，是資本主義和共產主義碰撞的結果，也是風險管理失效的真實個案。
Debanking (Part 2)
2026 年 8 月 21 日
https://xiaoshousha.blogspot.com/2026/08/debanking-part-2.html
節錄：銀行業得罪特朗普，幾年後他回復總統身份，就透過法律途徑報復，同時扶持銀行業的競爭對手（加密貨幣），以及透過 WLF 收受來自幣圈（提示：Justin Sun 孫宇晨）以及中東國家的金錢利益，而那些錢落入家族信託之內。如果那些錢其實來自中國或俄羅斯，孫宇晨或中東國家只不過是中間人，便是影響國家安全，也是敵對勢力干預美國的內政，對不對？總統賣國？非同小可！這種玩法明顯牽涉利益衝突，也威脅美國的國家安全。
The A7 Investigation by FT
2026 年 10 月 6 日
https://xiaoshousha.blogspot.com/2026/10/the-a7-investigation-by-ft.html
節錄：英國的金融時報 (Financial
Times, FT) 在今年 9 月 21 日發布獨家新聞兼調查報導，詳述一個名為 A7 的網絡如何協助俄羅斯規避制裁，繼續使用 SWIFT 進行跨國貿易結算，令戰爭機器可以繼續運作。FT 拿到那個網絡的內部文件和通訊記錄，數量是 Hundreds of thousands，並非全部，然後分析俄羅斯如何規避制裁，重點如下：
Weaponized Interdependence
2026 年 9 月 8 日
https://xiaoshousha.blogspot.com/2026/09/weaponized-interdependence.html
節錄：Weaponized Interdependence 的例子：（一）美國用來對付金融機構的次級制裁 (Secondary sanction): 某國的銀行因為跟被美國制裁的個人或實體（提示：伊朗或俄羅斯）交易而被踢出美元體系（提示：SWIFT）之外（提示：Banque Misr, Egypt's second-largest bank）。這種玩法，建制派華文傳媒稱之為「美元霸權」或「金融武器化」。外資銀行因此成為地緣政治的磨心，導致合規 (Compliance) 成本增加，也為銀行營運增加難度。
穩定幣
(Stablecoin) Part 5
2026 年 4 月 22 日
https://xiaoshousha.blogspot.com/2026/04/stablecoin-part-5.html
節錄：把三件事放在一起，你就會見到事件背後的邏輯或動機。美國正在向外資銀行發出警告：切勿協助伊朗處理石油貿易及其他交易，否則可能會被實施次級制裁 (Secondary Sanction)，那是專門用來對付外國的個人或企業或金融機構的懲罰性措施，令外資銀行被排除於美國主導的金融系統之外，後果嚴重。英文的說法：Access to US dollar financial system and dollar
clearing revoked.
Kompromat
2026 年 2 月 21 日
https://xiaoshousha.blogspot.com/2026/02/kompromat.html
節錄：Kompromat 是俄語，源於上世紀三十年代（斯大林時代）的前蘇聯秘密警察用語，意思是收集目標人物（可以是政治人物或異見人士或特定群組）的黑材料，用來勒索對方、迫對方為己方做事、抹黑（人格謀殺）、設局陷害、影響公眾觀感或輿論走向（例如：令網上討論區的言論失去焦点或改變立場）。黑材料也可以用來影響選舉結果或令某國的領導人下台（同時扶植己方的傀儡上台），即是介入別國內政。簡單地說：一物多用，實際用途視乎情況而定。
文章
