Sergei Storchak

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Sergei Storchak
Сергей Сторчак
Сторчак Сергей Анатольевич.jpg
Deputy Finance Minister of Russia
Assumed office
November 2005
Personal details
Born (1954-06-08) 8 June 1954 (age 63)
Olevsk, Zhytomyr Oblast
Nationality Soviet / Russian
Political party No affiliation

Sergei Anatolievich Storchak (Russian: Серге́й Анатольевич Сторча́к) (born 8 June 1954 in Olevsk, Zhytomyr Oblast, Ukraine SSR)[1] is a Deputy Finance Minister of Russia. Storchak became one of Russia's three deputy finance ministers in November 2005. He specialized in international financial relations, and was a prominent figure in negotiations over paying off Soviet-era debt. He negotiated Russia's repayment of its debt to the Paris Club of creditor nations, which it completed last year.[2] In April 2009, he was charged with attempted fraud and embezzlement of state funds.[3]

Fraud charges[edit]


On 15 November 2007, Storchak was detained by the Russian police as a part of a criminal investigation. "The detention took place outside the ministry. It may be related to criminal cases against a third party, not finance ministry officials," the ministry said in a statement.[4] Prosecutors later confirmed the detention of Storchak and two businessmen on suspicion of "attempting large-scale embezzlement from the Russian state budget through fraud".[5] In autumn 2009, he was released from custody and put on a travel ban.[6]

Criminal investigation[edit]

In April 2009, Storchak was charged with attempted fraud, 18 months after his detention.[3] "It may be said without exaggeration that the best finance and economy experts, including the incumbent and former finance minister deputies, were involved in a plan in recent years to embezzle large amounts of state funds," said Alexander Bastrykin, the head of the Investigation Committee at the Prosecutor's Office.[7] If convicted, Storchak faces between five and 10 years in prison.[6] On 31 January 2011, Russia's Investigative Committee announced that all charges had been dropped against Storchak, for lack of evidence.[8]


Some analysts have speculated that Storchak's case may be a sign of power struggle within the Kremlin between free-market liberals like Russian Finance Minister Alexei Kudrin and conservative elements favoring a greater role for the state in the economy.[3]


  1. ^ Сергей Анатольевич Сторчак Archived 2007-10-24 at the Wayback Machine. Official website of the Ministry of Finance of RF.
  2. ^ Russian Deputy Finance Minister Detained Associated Press, 16 November 2007. Archived November 22, 2007, at the Wayback Machine.
  3. ^ a b c "Russian finance official Storchak charged with attempted fraud". RIA Novosti. 2009-04-16. Retrieved 2009-08-04. 
  4. ^ Russian police detain deputy finance minister Reuters, 16 November 2007.
  5. ^ Prosecutors confirm detention of Russian Deputy Finance Minister Storchak Archived 2007-11-22 at the Wayback Machine. Interfax, 17 November 2007.
  6. ^ a b "Russian court dismisses finance official's complaint - paper". RIA Novosti. 2009-08-04. Retrieved 2009-08-04. 
  7. ^ "Russian investigator accuses deputy finance ministers of fraud". RIA Novosti. 2009-02-12. Retrieved 2009-08-04. 
  8. ^ "The decline of siloviki and the rise of the medvedev tandem". Russia Other Points of View. 2011-02-22. Retrieved 2011-03-09. 

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