The former head of the VEB: sanctions were the main cause of the worsening problems of the state Corporation

The former head of the VEB: sanctions were the main cause of the worsening problems of the state Corporation

MOSCOW, March 3. Sanctions against Russia and Russian banks and companies were the main reason for the worsening problems of the Bank. This opinion was expressed to journalists by the former head of state Corporation Vladimir Dmitriev.

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“You see, if there were no sanctions, no one would pay attention to the VEB the VEB”, – he said.

Answering specifying question, whether affected worsening problems of VEB’s expenses on the Olympic games, as well as the conflict around Ukraine, Dmitriev said, “it all together. And the lack of opportunities to refinance”. However, he acknowledged that the “trigger” for the VEB are sanctions.

At the same time Vladimir Dmitriev said that sees no possibility for division of the state Corporation for the development institution and a Bank. “I don’t see how this is possible. I believe that the sense in this,” said he.

However, Dmitriev expressed confidence that the web will be saved as a Bank for development, and that significant changes in the management of the Corporation is not going to happen. “We were assured that there were no revolutionary changes in the near future”, – he added.

The former head of the VEB declined to comment on their future career plans. “While not saying anything, I know nothing,” – said Dmitriev.

The accumulated problems of VEB

The profit of the Bank in the last few years was low. So, in 2012 VEB received a net profit under IFRS in the amount of 17.5 billion rubles, in 2013 – RUR 8.5 billion. the Problems of the Corporation began with 2014. Loss of VEB group in 2014 under international standards amounted to 250 billion rubles, and for the first half of 2015 has reached to 73.5 billion rubles.

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The reason – substantial contributions to reserves for problem loans. Only in 2014 on these purposes it was allocated more than 300 billion rubles mainly due to the problems with the Olympic projects and Ukraine. In addition, VEB’s work was influenced by the fact that the Bank came under sanctions.

Since 2014 the financial authorities cannot decide to what extent and in what way to support the web. In 2014 the government planned to allocate from the budget or the national welfare Fund (NWF) for this purpose 200 billion rubles In may 2015 the government has approved additional accommodation with Vnesheconombank NWF in the amount of 300 billion rubles These funds were not enough. In recent months authorities had discussed the amount of support in the amount of 150 billion rubles. According to sources, this amount can be reduced.

The change of the head of Vnesheconombank

The President of the Russian Federation Vladimir Putin on February 26, a decree appointed Sergey Gor Chairman of the state Corporation “Bank for development and foreign economic Affairs (Vnesheconombank)”.


Vnesheconombank is 100% owned by the Russian Federation. Heads the Supervisory Board of Vnesheconombank Chairman of the RF government Dmitry Medvedev. Also it includes first Deputy Prime Minister Igor Shuvalov, three Deputy Prime Minister Arkady Dvorkovich, Alexander Khloponin, Dmitry Kozak, presidential aide Andrei Belousov, Finance Minister Anton Siluanov, Minister of economic development of Russia Alexei Ulyukayev and Chairman of Vnesheconombank.

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