• 2013
  • 2012
  • 2011
  • 2010
  • Vnesheconombank was appointed as a single provider of services on investment consulting for the state needs of the Russian constituent entities to form investment projects implemented on the terms of public private partnership

  • Program of VEB’s investments in affordable housing construction and mortgage lending projects was approved, funds in the total amount of 250 billion rubles are expected to be invested

  • The North Caucasus Development Corporation was registered. The Corporation was established to help to pursue the government policy aimed at developing the North Caucasus Federal District and raising investments for the region to create new jobs.

  • 2009
  • Vnesheconombank held an International Conference “Modernization of the Russian Economy: a Role of Development Institutions” timed to coincide with its 85th anniversary. Heads of federal authorities, foreign development institutions, representatives of scientific community, the largest Russian and foreign companies participated in the Conference.

  • The Federal Law, which entitled the state pension savings management company, Vnesheconombank, to invest in corporate, sub-federal, mortgage-backed bonds, bonds of international financial institutions and deposits with credit institutions, came into effect

  • Vnesheconombank issued domestic currency-denominated bonds for the first time

  • A decision was made on Vnesheconombank’s participation as a major creditor in financing the construction of Olympic facilities in Sochi (transport and energy infrastructure, sports facilities)

  • 2008
  • 2007
  • 2006
  • 2005
  • Development of Public Private Partnership. This was the year of the Bank’s substantial renewal. Vnesheconombank took a active part in developing public private partnership and stepped up its efforts to work with regional administrations. Vnesheconombank was the first in the post-Soviet history to raise a syndicated loan worth 500 million US dollars on the best terms for Russian banks as of the date of borrowing.

  • 2004
  • 2003
  • Vnesheconombank's participation in establishing a state-run system to promote exports. Vnesheconombank took an active part in drafting the Concept to Promote Industrial Exports on a Governmental Level. On the Government's instructions Vnesheconombank took measures to boost Roseximbank's business, which was provided with the key role in implementing the Concept.

  • State Trust Management Company was appointed. According the Government's resolution VEB was appointed as State Trust Management Company responsible for investing pension funds. The special structural subdivision to handle pension funds was formed in the Bank.

  • Vnesheconombank's participation in establishing a state-run system to promote exports. Vnesheconombank took an active part in drafting the Concept to Promote Industrial Exports on a Governmental Level. On the Government's instructions Vnesheconombank took measures to boost Roseximbank's business, which was provided with the key role in implementing the Concept.

  • 2002
  • Vnesheconombank as the agent for managing Pension Fund assets. The Government appointed Vnesheconombank as agent for investing temporarily free Pension Fund's assets in securities denominated in foreign currency.

  • Vnesheconombank was restructured and its role as a state-run financial institution strengthened. Under the government's resolution a number of measures were taken to restructure Vnesheconombank's business. The Bank stepped up its efforts in servicing government programs and reduced the scope of its commercial business. VEB gave high priority to supporting government structural reforms.

  • 2001
  • 1999
  • Multilateral agreement on restructuring the 1997-2000 payments was singed during talks with the Paris Club

  • Vnesheconombank's Custody Department was opened

  • 1998
  • Russia suspended payments on Soviet-era debt as a result of severe financial crisis

  • Vnesheconombank's credit facilities expanded. Vnesheconombank and the U.S. Eximbank entered into the agreement on cooperation. Similar cooperation agreements were signed with the Finish Export Credit Insurance Agency "Finvera", with the British Export Credits Guarantee Department, the Italian Insurance Agency SACE and the Hungarian Export Import Bank.

  • Servicing of credits to CIS member countries. In accordance with the Russian Federation Government's resolution, Vnesheconombank started to service credits extended by Russia to CIS countries. Vnesheconombank signed interbank agreements with Armenia, Byelorussia, Kirgizia and Tajikistan.

  • 1997
  • Vnesheconombank and Ernst and Young, the auditing company, established a special office to consider and confirm creditors' claims to the Russian Federation

  • Restructuring of the debt to the London Club. Vnesheconombank of the USSR and London Club creditors signed a package of documents on restructuring the debt to foreign commercial banks.

  • Reconciliation of the debt to the London Club. Russia's foreign debt reconciliation was completed and as a result the Russian Government issued its declaration 'On Assisting Vnesheconombank in its Efforts to Fulfill its Obligations to the London Club of creditors".

  • 1996
  • 1995
  • 1993
  • First agreement on restructuring Soviet-era debt with Paris Club Countries Russia assumed full responsibility for repaying. Soviet-era debt and fulfilling any obligations which might arise in connection with it. The agreement provided for restructuring all debt payments coming due in late 1991 and up to 1993 inclusive.

  • 1992
  • Servicing Soviet-era foreign debt. The Resolution by the Presidium of the Supreme Soviet of the USSR authorized Vnesheconombank to participate in servicing Soviet-era debt.

  • 1991
  • Customers' funds in Vnesheconombank's accounts frozen. Financial untied credits were exclusively used to repay foreign debt. As there were not enough funds to import essential goods, the USSR Government decided to use funds in Vnesheconombank's accounts. By the time when the Soviet Union broke up the funds in the said accounts were all but used up.

  • 10 republics of the former USSR signed the Memorandum of Understanding confirming their joint and several responsibility for repaying Soviet debt

  • Republics of the former USSR signed the agreement to distribute debts and assets of the former Soviet Union between each other

  • Consultations with the London Club on foreign debt to world's commercial banks started

  • 1990
  • Credit agreement with France and consortium of German banks. Under the intergovernmental understanding a number of credit agreements were signed with France for the amount of 5.0 billion francs and with the consortium of German banks headed by Deutsche Bank for the amount of 1.2 billion FRG marks.

  • 1988
  • 1987
  • Market-oriented reforms in the USSR. The Soviet Government committed itself to implementing market-oriented reforms in the economy including reforms in the trade and economic sector. The changes in the banking system were aimed at strengthening foreign economic ties for the Soviet Union to integrate fully into the world's economic system.

  • 1981
  • Olympic coinage program. Vneshtorgbank of the USSR implemented the Soviet Olympic coinage program. 56 banks and 23 capitalist countries' companies were involved in delivering Soviet Olympic coins. The total sales of Soviet coins amounted to 125.5 million rubles as of January 1, 1981. Foreign exchange profit from selling coins exceeded the estimated foreign exchange profit almost by 50%.

  • 1980
  • Obtaining financial credits. In the 1980s, Vneshtorgbank tended to obtain financial (untied) credits on terms favourable to our country, which had the high credit rating at that time. These credits were of great importance to the USSR as its balance of payments was on the decline.

  • The 1980-Summer Olympics increased the range of services. Prior to and during the Moscow Summer Olympics the range of services expanded and the exchange office network was built up. Exchange offices were equipped with state -of the- art computers. Direct payments by Vneshtorgbank traveler's checks, Eurocards, credit cards and other payment documents were introduced.

  • 1976
  • OECD member countries "Gentlemen's Agreement". Organization for Economic Cooperation and Development (OECD) member countries approved the uniform terms of extending export credits. The terms set, above all, minimum interest rates for export credits. This created a lot of difficulties for Vneshtorgbank in obtaining mid- and long-term credits in western countries.

  • 1974
  • 1972
  • 1971
  • Freely convertible travelers' checks. Due to the increased number of foreign tourists in the USSR, banking transactions in buying and selling travelers' checks were on the rise. Vneshtorgbank issued freely convertible travelers checks in rubles.

  • 1970
  • Agreement with FRG. The agreement on supplying 55 billion cubic meters of natural gas to FRG from the USSR and on purchasing 1.2 million tons of large-diameter pipes was signed by Vneshtorgbank, VTO "Soyzneftexport", VTO "Promsyryeimport"and the consortium of West German banks headed by Deutsche Bank.

  • 1969
  • Agreement on gas deliveries from the USSR to Italy. The agreement on supplying 100 billion cubic meters of natural gas to Italy from the USSR was made with the ENI company. The 300- million-dollar agreement also provided for supplying large-diameter pipes and equipment for the gas pipeline from Italy to the USSR.

  • 1968
  • 1967
  • Credits in foreign currency. Vneshtorgbank started to extend foreign currency credits to the Soviet republics' Councils of Ministers, ministries, departments and certain enterprises to purchase western equipment, machinery, materials, licenses and samples of new products, which were not manufactured in the Soviet Union.

  • 1966
  • 1965
  • 1964
  • 1963
  • 1962
  • 1961
  • State currency monopoly. Since January 1961, Vneshtorgbank was the only bank authorized to conduct all monetary and currency transactions with foreign countries sticking on the one hand to the principles of the Soviet economic management and planning and on the other hand - to laws, customs and rules of international banking practice.

  • 1960
  • 1958
  • 1956
  • The USSR on the world's credit market. The Soviet Union was active in using short-tem and mid-tem company credits, as well as acceptance credits, and in its turn extended similar credits to capitalist companies and banks.

  • 1954
  • Vneshtorgbank organizational chart changed. Of 7 subdivisions only 4 remained: the Board, Operations Department, General Accounting Office and secretariat. The Bank had a staff of 58.

  • 1952
  • Vneshtorgbank closed its last foreign branch - in Istanbul

  • 1948
  • 1947
  • Participation in the 1947 monetary reform in the USSR. After the Great Patriotic War in order to withdraw excess money from circulation and to boost purchasing power of the ruble the exchange of money in the ratio 10:1 was affected. From December 16 to 22, 1947, Vneshtorgbank re-estimated current accounts and exchanged cash for foreign diplomatic representative offices in the USSR.

  • 1946
  • Credit relations with capital countries reestablished. Sweden entered into the intergovernmental agreement on extending credit to the Soviet Union. Although the credit was not used to the full extent, the Soviet trade companies purchased a large quantity of products to be used in the national economy.

  • 1945
  • 1943
  • Last drawing of the Second Five-Year Plan bonded loan. The last drawing of 7% bonds under the Second Five-Year Plan bonded loan issued in 1933 ???? with a 10-year maturity was made. About 80% of bonds of this loan were floated in the U.S., 10% - in Great Britain and the remaining portion - in France, Switzerland, Holland, Belgium and other countries.

  • 1941
  • Vneshtorgbank's office opened in Kuibyshev. Employees from Vneshtorgbank and Gosbank's Foreign Transactions Department were sent to Kuibyshev to serve foreign missions and representative offices there.

  • Great Patriotic War. During the first months of the war, many Vneshtorgbank employees were drafted into the Red Army, some of them joined the people's voluntary corps. In the course of the German army's offensive on Moscow the employees who were still working in the bank tended to participate in building protecting obstacles and spent nights in military hospitals taking care of wounded Red Army soldiers.

  • 1937
  • 1936
  • 1935
  • Vneshtorgbank made a decision to consolidate shares and contributions of affiliated foreign banks. Vneshtorgbank bought out 1000 Dalbank shares from the Moscow Narodny Bank (London) and 1000 Dalbank shares from Airobank (Paris).

  • 1933
  • 1932
  • 1931
  • Transactions with Torgsin. The Directive issued by the Foreign Transactions Directorate of Gosbank "On Transactions with Torgsin" was designed to regulate Vneshtorgbank's business specifying money transfer process ranging from receiving the money transfers from abroad to sending the customers' receipts to Vneshtorgbank's address.

  • Participation in fulfilling special tasks of the Government. Vneshtorgbank assisted Mongolbank in making 60 thousand bonds issued under the loan named "The Mongolian People's Republic Five-Year Plan". The Gosznak 3 factory made bonds worth 1.5 million tugrics.

  • 1930
  • 1929
  • Correspondent Agreement between Gosbank and Vneshtorgbank. Under this Agreement Vneshtorgbank was to open a correspondent account in rubles to be used to conduct all ruble transactions. Vneshtorgbank became increasingly dependent on Gosbank of the USSR.

  • 1927
  • Vneshtorgbank's IV-th issue of shares completed. The Bank's capital assets rose to 42.7 million rubles within one year. Vneshtorgbank's total assets increased to 162 million rubles. The V-th issue of shares was scheduled.

  • 1926
  • Vneshtorgbank's IV-th issue of shares worth more than 9 million rubles

  • 1925
  • Vneshtorgbank's new branches. The first branch outside the USSR was opened in Constantinople (Istanbul) and the North-Caucasus regional division - in Rostov-on-Don.

  • 1924
  • The Council of People's Commissars of the USSR approved the First Charter of the Bank for Foreign Trade of the USSR

  • Branch network expanded. The All-Ukrainian Banking Office was opened in Kharkov. It was responsible for unifying all transactions to finance Ukraine's foreign trade. New branches in Odessa, Tiflis, Baku and Kiev and the agency in Novorossiisk were established. Thus the number of Vneshtorgbank's branches was brought to seven.

  • Vneshtorgbank participated in negotiations with foreign financiers on extending credits to the USSR. Vneshtorgbank Board Chairman V.S. Korobkov was sent to the U.S. He held talks with representatives of Guarantee Trust, Equitable Trust, Chaise National, International Banking C° during November-December 1924.

  • Unified monetary system was established in Soviet Russia. The Cash Department personnel of the People's Commissariat for Finance were taken over by the State Bank. Gosbank was entrusted with regulating money circulation in the country. The hard convertible monetary unit checked the inflationary process, thus bringing credit system back to life.

  • Decree on Issuing Paper Money. Sovznaks withdrawn from circulation. Sovznaks exchanged for the 1924 rubles.

  • Exchange of Sovznaks for new rubles. The Decree regulating the exchange rate set the following proportion: one 1924 ruble is to be equivalent to 50 thousand rubles of the 1923 Sobznaks or 50 billion rubles prior to the 1923 denomination.

  • Narkomat for Foreign Trade bought Roskombank's block of shares owned by RSFSR State Bank

  • Decree on minting fractional silver and copper coins. Mandatory exchange of Sovznaks for new money.

  • Issue of Sovznaks terminated

  • Treasury notes in denominations of 1, 3 and 5 rubles went into circulation

  • 1923
  • License to open Export Bank of Narkomvneshtorg. The People's Foreign Trade Commissariat obtained a license to open an export bank and suggested that Roskombank be turned into a special Bank for Foreign Trade.

  • Roskombank's performance for its first year. Roskombank's total turnover amounted to 645.2 million gold rubles, its net profit was 1.4 million gold rubles (13.95%). Its total export-import turnover was 26.4 million gold rubles.

  • 1922
  • Decree of the Council of People's Commissars "On Granting Gosbank the Right to Issue Banknotes"

  • Raising of foreign capital. The issue of establishing banks with the foreign capital participation was considered at the sessions of the Special Commission of the All-Russian Council of the RSFSR National Economy, this Special Commission was responsible for preparing documents for the Genoa Conference.

  • Russia's credit system was re-established. Joint stock and cooperative banks, as well as mutual loan societies emerged

  • The 1922 -1924 Monetary Reform started. The 1922 ruble issued - the Sovznak. First attempts made to float Soviet loans.

  • 1921
  • RSFSR State Bank established. The RSFSR State Bank started to regulate money supply in the country.

  • 1919
  • 1918
  • Crisis of Russia's credit system worsened. Mutual loan societies, city, public and private land banks were abolished. Securities were withdrawn from circulation in Russia. Russia's internal and external national debt was repudiated.

  • 1917
  • Private commercial banks were nationalized. Assets and liabilities of nationalized commercial banks were handed over to the RSFSR People's Bank (the former State Bank of the Russian Empire).

  • New Soviet Government committed itself to abolishing pre-revolutionary credit system

  • Socialist Revolution in Russia.

2016