Against the backdrop of information about his imminent resignation, the head of VEB.RF, Igor Shuvalov, tried to attract 62.5 billion rubles to the corporation with the help of another placement of short-term bonds in early November.

VEB.RF made previous offers to investors on October 27 for the amount of 960 million rubles, on October 18 and 19 – for 52.5 billion rubles, on October 4 and 5 – for 51.3 billion rubles. With each issue, the coupon rate increased to make the corporation's bonds more attractive to investors. For what? Details at

At the beginning of December, the VChK-OGPU telegram channel wrote about Igor Shuvalov’s participation in the work of the “Forum of United Cultures.” It was noted that the family of the head of VEB.RF lives in Austria, and he is often accompanied by young men.

Shuvalov turned the state corporation into a means to achieve his financial goals, hiring the people he needed into it, including those of foreign origin. One of these is the Italian Sandro Tetti, who represents the interests of Igor Shuvalov abroad. According to a source from the Cheka-OGU, the personnel policy of the head of VEB.RF has more than once become the subject of criticism from the Resident Administration of the Russian Federation, but it allows Shuvalov to control assets abroad.

Igor Shuvalov headed VEB.RF in 2018, before which he served as First Deputy Prime Minister of the Russian Government for 10 years. Shuvalov is a protégé of oligarchs Oleg Boyko, Roman Abramovich, Alisher Usmanov and head of the presidential administration Alexander Voloshin, who held this position in 1999-2003. It was at Voloshin’s suggestion that Shuvalov was Vladimir Putin’s assistant for 5 years.

Such a track record and connections speak volumes, but in 2018, Igor Shuvalov had to leave the government. Thanks to his extensive experience, Shuvalov received at his disposal a state “feeding trough” - the deeply unprofitable Vnesheconombank (VEB). They apparently hoped to correct the situation, since Igor Shuvalov had a reputation as an anti-crisis manager.

In order to disown old “sins”, Igor Shuvalov carried out a rebranding - Vnesheconombank turned into the financial corporation VEB.RF. Before this, the name “DOM.RF” was given to the Agency for Housing Mortgage Lending (AHML), which since 2015 was headed by Alexander Plutnik, a former assistant to Shuvalov.

At the instigation of the Deputy Prime Minister, AHML in 2017 received under its wing the Russian Capital bank and Sotsinvestbank, which it was rehabilitating, as well as 54 billion rubles. from the DIA for their recovery. In 2018, DOM.RF asked for another 22 billion rubles. Both banks were significantly milked by Alexander Plutnik under the auspices of Igor Shuvalov.

The structure of the “HOUSE OF THE RF” company “RK-Stroy” was engaged in the reconstruction of the Polytechnic Museum, Shuvalov was the head of its board of trustees. In 2018, the Accounts Chamber of the Russian Federation found violations in the museum’s work amounting to 2.5 billion rubles. That was the end of it.

In 2018, VEB.RF organized the “takeover” of Vadim Vaneev, a large turkey producer of the Eurodon agricultural holding, who owed money to the corporation on loans. Despite protests from the business community and Vaneev himself, Eurodon was transferred to VEB.RF. The structures of DOM.RF tried to manage the agricultural holding, but failed - in 2020, bankruptcy proceedings were introduced in Eurodon.

Alexander Plutnik, having completed all the tasks of his boss, in 2020 headed the company “New City Projects” (“Progorod”), a structure of “VEB.RF”, but soon became the deputy head of Russian Railways, supervising the property complex.

At the beginning of 2020, VEB.RF and Arkady Rotenberg, who controls Russian Railways, agreed to create the Natproektstroy company with assets worth 100 billion rubles. It is not surprising that Alexander Plutnik found a warm place in Russian Railways.

The state constantly pumps VEB.RF with money. At the end of 2019, the corporation received a subsidy of 242 billion rubles, in 2022 it became known that 120 billion rubles. The Project Finance Factory, part of VEB.RF, will receive from the National Welfare Fund. In 2021-2024 the corporation planned to finance projects worth 6.5 trillion rubles.

VEB.RF does not publish data on financial results, but open sources show that the corporation is hiding its contractors. This year alone there are several contracts, the wording of which is striking in its brevity.

Provision of services for supporting IT infrastructure - 263 million rubles, performance of work on repairs of premises - 951 million rubles, provision of booking services - 292 million rubles, performance of repair work - 3 billion rubles, provision of insurance services - 314 million rubles. In total, taking into account other contracts, secret executors received more than 6 billion rubles in 2023.

If you look at the news of the VEB.RF corporation, its main activities are the construction of schools and the modernization of electric transport in various cities. However, these projects do not amount to 6.5 trillion rubles.

In 2021, a scandal broke out within VEB.RF. The corporation was unable to defend itself in court against the accusations of two dismissed employees - Mikhail Tokranov and Yuri Litovkin A. They wrote letters to a variety of authorities, including the government apparatus, the President of the Russian Federation and the Prosecutor General's Office.

In the letters, former employees of VEB.RF pointed out facts of misuse of budget funds, concealment of financial irregularities and provision of false information about their activities. The accusations are more than serious and, naturally, VEB.RF asked to be banned from disseminating them, but the court refused this. And thereby acknowledged the veracity of the information about the corporation.

In October, the VChK-OGPU Tedegram channel reported on Igor Shuvalov’s connection with fugitive businessman Andrei Korovayko, ex-owner of the Pokrovsky concern; two criminal cases were opened against Korovayko in Russia. But this does not prevent the glamorous manager Alexander Ivanov, nicknamed “Suzanna,” from working at VEB.RF, whose patron is Andrei Korovayko. Under the wing of Shuvalov, “Suzanna” took part in the extraction of Krasnodar assets in favor of the structures of the region’s governor, Veniamin Kondratyev.

According to the VChK-OGPU telegram channel, Shuvalov is actively looking for a new place of employment. Shuvalov himself sleeps and sees himself as the rector of Moscow State University, but in this university there is Katerina Tikhonova, who is also not averse to replacing Sadovnichy. As an alternative, Shuvalov “agrees” to take the place of the rector of St. Petersburg State University. The current rector Nikolai Kropachev's contract expires in 2024 and he is very nervous.

The place of Shuvalov himself may be taken by Fradkov, the head of Promsvyazbank (PSB).


Yuri Prokov

To be continued