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32-658: International Moscow Bank was founded in October 1989 and capitalized with the hard currency reserves of Vnesheconombank , with the aim that IMB may eventually replace the troubled Vnesheconombank. The founding shareholders were three state-owned Soviet banks together holding 40 percent of total equity ( Vnesheconombank for 20 percent, Promstroybank for 10 percent, and Sberbank for 10 percent), and five international banks together holding 60 percent ( Bayerische Vereinsbank , Creditanstalt-Bankverein , Banca Commerciale Italiana , Credit Lyonnais , and Kansallis-Osake-Pankki ). As such, IMB

64-456: A 330 billion rubles government bailout in 2015, followed by 150 billion rubles in 2016 and a similar amount planned for 2017. VEB was the main lender for the 2014 Winter Olympics , and many of the loans originating from the games missed original returns forecasts, or had to be restructured. In March 2016, the bank was promised a $ 2.2 billion bailout from the Russian government. Sergey Gorkov ,

96-576: A former senior executive at Sberbank , was appointed to lead VEB and come up with a turnaround strategy, which included the sale of non-core assets. The government originally offered the position to German Gref , who turned down the job. In March 2017, Ukraine imposed sanctions on Vnesheconombank (and other Russian state-owned banks operating in Ukraine: Sberbank, VTB Bank, VS Bank, Prominvestbank, and BM Bank) as part of its continued sanctions on Russia for its annexation of Crimea and involvement in

128-520: Is on lending to small and medium-sized enterprises; the retail services sector is developing less actively. As of the spring of 2011, the bank had 106 branches in Russia and a representative office in Belarus, over 985 thousand individual clients and more than 22.6 thousand corporate clients. In 2010, the bank's share in the Russian lending market was 2.18%, in the deposit market – 1.36%. The number of personnel in

160-649: The Bank of Estonia , Alem Bank in Kazakhstan , or Ukreximbank in Ukraine . The Russian Vnesheconombank defaulted in 1992 and, after multiple restructurings, eventually became VEB.RF . The Russian Commercial Bank was the first foreign-trade bank established in the Russian Soviet Republic and was allowed to carry out all common banking transactions, including transactions in foreign currencies and precious metals. It

192-505: The European Bank for Reconstruction and Development (EBRD, 5 percent). The next year, after a series of transactions, HVB's subsidiary Bank Austria secured full ownership of IMB by acquiring the EBRD's remaining equity stake. Bank Austria remained as the direct parent company of the Russian bank until September 2016, when the stake was transferred to direct ownership by UniCredit. In May 2013,

224-829: The Soviet Union . It was initially established in 1922 as the Russian Commercial Bank (Рускомбанк / Roskombank ) and reorganized as Vneshtorgbank in 1924. In 1988, it was reorganized as the Bank for Foreign Economic Affairs of the USSR ( Russian : Банк внешнеэкономической деятельности СССР ) or Vnesheconombank . With the dissolution of the Soviet Union , Vnesheconombank's operations in the post-Soviet states became new institutions such as Belvnesheconombank  [ be ] in Belarus ,

256-664: The War in Donbass . After that, the bank tried to sell its Ukrainian subsidiary; as of August 2017 unsuccessfully. At Sochi in February 2018, Vnesheconombank's Sergey Gorkov said they hoped to sell its Ukrainian subsidiary, Prominvestbank, by May 2018. In 2017, the bank's debt was $ 17 billion, including $ 14.2 billion in Ukraine. In January 2017, Gorkov released the bank's "Strategy 2021," which predicted relief from sanctions, resuming borrowing in

288-573: The assets and liabilities of the bank doubled from around $ 6 billion to $ 12 billion, and the income rose from $ 239 million to $ 301 million. In April 2007, Russia's State Duma passed the federal law "On Bank for Development," which regulated VEB's legal conditions and made it a state development bank. Vladimir Putin increased lending when he became the VEB's chairman of its supervisory board in 2008. By late 2009, VEB quadrupled its assets to nearly 2 trillion rubles ($ 65 billion), it

320-647: The Foreign Trade Bank's branch network was consequently reduced. In 1927, negotiations were held with the Berliner Handels-Gesellschaft to secure foreign loans, but in May of that year the Soviet Council of People's Commissars granted Gosbank extensive control over Vneshtorgbank in order to centralise its foreign trade activities, putting an end to its autonomous decision-making. During World War II ,

352-454: The Soviet authorities sponsored a new entity, International Moscow Bank (IMB), capitalized with Vnesheconombank's hard currency reserves, with the aim that IMB may eventually replace the troubled Vnesheconombank. In 1991, Vnesheconombank's assets were seized by the Soviet authorities, and in 1992 it defaulted on loans that it had received from foreign commercial banks, which were subsequently

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384-474: The USSR , renamed Vnesheconombank in 1988 and dismantled in 1991. VEB (for Vnesheconombank) was re-organized in 2007 as a development institute, and rebranded as VEB.RF in 2018. It has financed more than 300 projects. In 1988, the Foreign Trade Bank of the USSR was renamed Vnesheconombank of the USSR ("Bank for Foreign Economic Affairs of the USSR"). With the dissolution of the Soviet Union in 1991,

416-664: The United States, and shifting risks to the government's budget. According to a report the New York Times published in May 2017, 40% of the bank's loans were at risk of default. In May 2018, Igor Shuvalov replaced Gorkov as VEB's new chairman. In July 2018, the bank requested a further $ 16 billion bailout from the Russian government. In October 2018 the bank announced plans to rebrand, changing its denomination into 'National Development Institute', and confirming it would be granted 600 billion rubles ($ 9.1 billion) in subsidies from

448-682: The Zvezda super-shipyard near Vladivostok. Also VEB.RF, Gazprombank and Sberbank announced the funding of the development of the Talitsky area of the Verkhnekamsk potash deposit in Perm. VEB.RF and Sberbank will provide a syndicated loan for the modernization of Novaport group's regional airports in six cities of Russia, and together with Rockwell Capital will build the largest pulp and paper mill in Siberia . VEB.RF

480-540: The bank merged its own ATM network with the Raiffeisenbank ATM network. In 2014, the bank was registered as AO UniCredit Bank. In March 2019, UniCredit Bank topped the list of the most reliable banks in Russia according to Forbes experts, ahead of 99 other banks, including Raiffeisenbank. AO UniCredit Bank has a general banking license No. 1. The bank specializes in servicing corporate and private clients, corporate finance and treasury operations. The main focus

512-631: The employees of Vneshtorgbank were transferred to Kuybyshev along with those of the foreign trade department of the Gosbank . In the early 1950s, the bank's last remaining office overseas, that in Istanbul , was closed and the bank's workforce was down to only 58 staff. The following decade saw an improvement in foreign trade relations and the transfer of new powers from the Gosbank to the Vneshtorgbank, in particular

544-459: The expansion of loans to Soviet foreign trade institutions. With a new statute that enabled the bank to safeguard the state's currency monopoly, the bank began to play an increasingly prominent role in transactions with foreign partners. In the mid-1960s, the focus was on Western European loans for the development of the automotive industry in the Volga region, in cooperation with Italy's Fiat Group. This

576-426: The federal budget by 2024, in addition to the 125 billion rubles received in 2018. The net profit for the 2018 amounted to 3.85 billion rubles after a loss to 200.4 billion rubles a year earlier. The net profit for the first quarter of 2019 17.6 billion rubles. In 2019, after a long period when VEB.RF, instead of financing new projects, was engaged in servicing distressed assets, new investment projects appeared in

608-417: The matter of London Club negotiations. Vnesheconombank again partly defaulted in late 1998. Vnesheconombank was reorganized in 2007 as a Russian state development bank, and eventually rebranded in 2018 as VEB.RF . VEB.RF VEB.RF , or VEB ( Russian : ВЭБ.РФ ), is a Russian state development corporation and investment company. It was the Russian successor entity of the Foreign Trade Bank of

640-608: The operations of the Soviet Vnesheconombank outside of the RSFSR were nationalized by the respective post-Soviet States . On 17 December 1991, Vnesheconombank accounts in Russia were frozen because of lack of funds. For approximately seven years during the 1990s, the Kremlin's obshchak ( «общак» ) or black cash was stored in the vaults of Vnesheconombank (VEB) because Viktor Gerashchenko stated that in 1992 VEB became an agency for

672-465: The portfolio of the state corporation. In the framework of VEB.RF went into the development of the Udokan's copper deposit ($ 490 million), the production of sulfuric acid at the "KuibyshevAzot" and capacity expansion of " Shchekinoazot " for the production of methanol (the total participation of the corporation 8.5 billion.). VEB.RF started financing the project of construction of six large-tonnage vessels at

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704-605: The representation of the Russian Commercial Bank in Germany. Following a decision in December 1923, the People's Commissariat of Foreign Trade proposed transforming the Russian Commercial Bank into a special foreign trade bank. Thus Vneshtorgbank was created on 7 April 1924, initially with seven branches in the Union republics. In February 1926, the Gosbank took over extensive foreign business and

736-607: The return of the state debt of the USSR due to a decree by the Supreme Soviet : "Vnesheconombank does not have a central banking license. It does not need it, since it does not conduct any commercial operations." He also added, "Due to the lack of a license, this is the only Russian bank that the Central Bank does not check – it does not have the right." In 2002, Vnesheconombank was restructured and it claims to have stepped up its efforts in servicing government programs, and reduced

768-552: The scope of its commercial business and gave a higher priority to supporting the government's structural reforms . In April 2002, VEB was appointed Vnesheconombank agent for investing temporarily free Pension Fund's assets in securities denominated in foreign currency , and in January 2003, a special structural subdivision to handle pension funds was formed; VEB was appointed the "State Trust Management Company" responsible for investing Russia's pension funds . From 2005 to 2006, both

800-437: The spring of 2011 is 3.7 thousand people. Financial indicators of the bank as of December 31, 2011, following the results of 2011 in accordance with International Financial Reporting Standards (IFRS). Vnesheconombank (USSR) The Foreign Trade Bank of the USSR ( Russian : Банк для внешней торговли СССР , abbreviated Внешторгбанк, Latinized Vneshtorgbank ) was the monopoly state credit institution for trade finance in

832-600: Was also disconnected from the SWIFT interbank payment system, and included in the sanctions list of Singapore. Since May 2018, the chair of VEB.RF has been Igor Shuvalov . The highest governing body of VEB.RF is the Supervisory Board , itself chaired by the Russian Prime Minister . VEB.RF coordinates development institution in Russia, and is a Russian state corporation with the goal of supporting and developing

864-529: Was also involved in the exchange of money from foreign tourists in the USSR, and was the administrator of foreign currency balances for domestic companies and institutions. Its role as a gold seller on the Western markets was significant, allowing the USSR to obtain foreign currency with which to pay for imports. On 1 January 1988, the Soviet Vneshtorgbank was reorganized as Vnesheconombank. In October 1989,

896-751: Was created in the autumn of 1922 as part of the New Economic Policy (NEP) under Grigory Sokolnikov , the People's Commissar for Finance, with a capital of 10 million gold rubles (5.1 million dollars). The former head of the Siberian Bank in Petrograd , Tarnovsky, was appointed president, and Swedish banker Olof Aschberg became appointed chairman of the board. The Garantie- und Kreditbank für den Osten  [ de ] , opened by Aschberg in 1920 in Berlin , took over

928-411: Was followed by the procurement of loans for natural gas against steel pipes, initially in 1968 with Austrian partners and in 1970 with a German banking consortium. The Vneshtorgbank was the only Soviet financial institution to retain the legal form of a joint-stock company , its shareholders being a number of Soviet foreign-trade monopoly companies as well as the Gosbank. In addition to foreign trade, it

960-577: Was sanctioned by the United Kingdom from 1 August 2014 in relation to Russia's activities in Crimea, and was sanctioned by New Zealand in relation to the 2022 Russian invasion of Ukraine . In February 2022, due to Russia's invasion of Ukraine, together with its subsidiaries, it was included in the US sanctions list, SDN, which provides for the maximum possible restrictions and a complete freeze of assets. The bank

992-639: Was seen by the government as an off-budget fund, used to put off budget expenses. In July 2014, the United States Department of the Treasury imposed economic sanctions that greatly restricted U.S. persons and entities from providing doing business with VEB after the 2014 pro-Russian unrest in Ukraine . Between 2014 and 2017, the Russian Ministry of Finance spent $ 10 billion on the bank. VEB has suffered massive losses in 2014–2015, leading to

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1024-476: Was the first majority-foreign-owned bank in the Soviet Union. In the 1990s and early 2000s, IMB developed lending and banking services first to larger Russian companies, then to smaller firms and retail clients. In 2001, IMB merged with the Russian subsidiary of Bank Austria . By 2006, HypoVereinsbank (HVB, by then controlled by UniCredit) held around 53 percent of IMB's equity, the rest being shared between Nordea (26 percent), BCEN-Eurobank (16 percent), and

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