Vnesheconombank (VEB) (Russian: Внешэкономбанк (ВЭБ)) is a Russian state corporation (non-profit organization) and Russian, and former Soviet, bank and translated to English as the Bank of Foreign Economic Activity. It is commonly called the Russian Development Bank, although it refers to itself as "the state corporation “Bank for Development and Foreign Economic Affairs”. The institution is used by the Russian government to support and develop the Russian economy, to manage Russian state debts and pension funds. It is a part in the governments plan to diversify the Russian economy, and to do so receives funds directly from the state budget. The bank was instituted in 1922.
Dmitriev Vladimir Alexandrovich has been Chairman since 2004.
1922 Established as "Russian Commercial Bank"
1924 Renamed "Bank for foreign trade of the USSR" ("Vneshtorgbank of the USSR")
2002, Vnesheconombank was restructured and it stepped up its efforts in servicing government programs, reduced the scope of its commercial business and gave high priority to supporting government structural reforms.
2014, July, The United States Department of the Treasury imposed sanctions that prohibit U.S. persons from providing new financing to VEB.
- VEB annual report 2006
- VEB history website
- Law on bank for development
- U.S. Department of Treasury. "Announcement of Treasury Sanctions on Entities Within the Financial Services and Energy Sectors of Russia, Against Arms or Related Materiel Entities, and those Undermining Ukraine's Sovereignty" 7/16/2014. Retrieved 7/31/2014.
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