Vnesheconombank (VEB) is a Russian state corporation (a non-profit) that is a former Soviet bank. Vnesheconombank has no Russian banking license (i.e. Vnesheconombank is not a bank) and is not subject to the law on banks and banking activities. Translated to the English language, its name means "Bank of Foreign Economic Activity", though it is commonly called the "Russian Development Bank", and it refers to itself as "the state corporation Bank for Development and Foreign Economic Affairs”.
The Russian government uses VEB to support and develop the Russian economy and to manage Russian state debts and pension funds. It is a part in the government's plan to diversify the Russian economy, and to do so receives funds directly from the federal state budget. The bank was instituted in 1922.
In July 2014 the United States Department of the Treasury imposed sanctions that prohibit U.S. persons from providing new financing to VEB after the 2014 pro-Russian unrest in Ukraine.
Russian banks continue to cry, but invest in the Ukrainian banking sector. In addition to Sberbank, serious losses were incurred by Ukrainian subsidiaries of Vnesheconombank and VTB.
The Russian government has prepared a memorandum that will allow VEB to generate losses for another three years. The hole in the balance of this bank is already 1.4 trillion rubles.
Vnesheconombank begins to dispose of non-core assets - the first applicants for sale have been identified. These are two shopping centers in Moscow, a department store in Novosibirsk, a hotel in Sochi and a metallurgical plant in the Czech Republic.
And paid VEB for her money - go to finance the skyscraper Trump.
The former head of the housing department of the Ministry of Defense will be the problem assets of the state corporation.
Russian factories will continue to work for the army, the share of civilian orders they have is relatively small. At the same time, the profitability of military orders is very low.
The "Corgi airplane", first described by Aleksei Navalny, was replaced by the Gulfstream G650, so beloved by the participants of the Russian Forbes list.
Otherwise VEB's role in the pension system will be incomprehensible.
600 billion rubles in yuan for 5 years for the "black hole" of Russian public finances.
Igor Shuvalov began work at the head of VEB with a proposal to cut almost half of the staff of the state corporation. Although the savings will be small. To become an effective development institution, VEB needs to cut costs, experts say.
The former deputy prime minister agreed to head Roskosmos at the suggestion of the president and promised the head of state "to justify his trust." To another outgoing deputy prime minister, Igor Shuvalov, Putin offered to become the head of Vnesheconombank.
The former first deputy prime minister will have to continue clearing old debts.
The bank nearly died because of ineffective political projects, but the officials don't care.
It has bought 20% of Verkhnekamsk Potash Company from Vnesheconombank.
The list of investment failures of Russian businessmen in the Czech Republic is a new business. Metallurgical plant Poldi Kladno can be declared bankrupt. The owner of the company, according to the Czech newspaper Mlada Fronta Dnes, is vice-president of Gazprombank Andrey Zokin.
Subsidiares of the state banks of Russia cannot hope for any development.
The airport restructured the loan from VEB.
The company may buy bank subsidiaries of VEB.
The corporate recovery will affect only non-core assets of the group.
For this money, the Baikal Mining company intends to build a power transmission line, road and processing plant.
The negative equity of Rosinterbank, which lost its license on September 19, amounts to 90.9 billion rubles. The bank balance lacks the loan portfolio and almost all investments in securities.
Billionaire Musa Bazhaev after buying the Italian resort in Sardinia, decided to get an impressive loan from Sberbank for his Russkaya Platina.
President of VTB Bank caused record damage to the Russian energy sector.
The resignation of Vladimir Dmitriev as head of VEB, reported by RBC sources, was probably due to the fact that he had performed his tasks "without informing about the risks". How did the corporation become a "cesspool" of bad debts?
Two subsidiaries of VEB, Svyaz-Bank and Globex, can be merged with Russian Capital. What will come of this?
VEB, one of the main creditors of "Krasnaya Polyana" — Sochi resort "Gorki Gorod" — inhibits its sale. The buyer, a little-known company "Kurort Plus" has signed an agreement with the owner, Sberbank, on October 12.
In 2014, Vnesheconombank suffered a record loss of 250 billion rubles. The reason was the reserves accrued Olympic credits and loans to Ukraine. VEB's board believes that the bank worked "very well."
The former administration of the agricultural holding is arrested for fraud.