The state Corporation VEB.Of the Russian Federation (formerly Vneshekonombank) ended with a loss for the fifth year of their last six.
To Finance Olympic construction and mega-projects of the Kremlin and on the verge of bankruptcy after the annexation of the Crimea and sanctions of the West, VEB last year received 100 billion rubles of subsidies from the Federal budget, and reported a net loss of 52.8 billion rubles.
A year earlier, the web has lost 175,8 billion rubles, in 2017 – 287,7 billion rubles, in 2016 – 111,9 billion roubles, in 2014-m – 249,7 billion.
In 2015, the Bank was a loss for the sum more than 100 billion rubles, but the extra help from the state in placing the national welfare Fund money under a tiny 0.25% per annum – let to patch a hole and report a small profit of 14.9 billion rubles.
In total, over six years, the loss of EBV has reached 892 billion – the amount equal to the annual budget of the entire system of higher education in Russia, its two annual GDP Murmansk or Astrakhan region and four GDP such as the Ivanovo and Orel.
Defaulted loans and loss-making projects – from the production of microchips (“Angstrom-T”) plants to gas stoves (“Oryol factory”) – has transformed the Bank’s balance sheet into a sieve, in which the government annually pours hundreds of billions of rubles, but could not fill.
In 2014, the total amount of assistance the web has reached 746 billion rubles. In 2016 he received from the state 212 billion rubles of subsidies and 184 billion from the transfer of problem loans under the guarantee of the state in a specially created Fund.
In 2017-19 biennium, VEB has allocated 400 billion rubles for repayment of external debt, which the Bank, using the quasi-public status, cheap attracted in the West to Finance the construction and to lend to the modernization of large industrial enterprises, and who was unable to return when the economy slipped into recession, and the Bank appeared in the sanctions list.
In may 2018, the head of VEB became the former first Deputy Prime Minister Igor Shuvalov. At the same time the government adopted a new investment policy statement of the Bank, which allowed him three years to show losses, and to participate in projects nationwide for the Russian economy value, even if the return on investment is not guaranteed.
In October 2018, it became known that Shuvalov made VEB another 900 billion rubles from the budget and the national welfare Fund.