Putin's Bailout Bank Needs a Rescue; It's an $18 Billion Whopper

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  • 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.

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