Putin's Bailout Bank Needs a Rescue; It's an $18 Billion WhopperBy
VEB funded Kremlin-backed projects, now faces big losses
Western sanctions cut off funding access as debt payments loom
For years, Vladimir Putin used Vnesheconombank (VEB) to pay for “special projects,” from the Sochi Olympics to covert acquisitions in Ukraine to oligarch bailouts. Now, the state bank needs a rescue of its own and it could be the Kremlin’s costliest yet.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.