Russia ’s state - owned development bank and its biggest lender , Vnesheconombank [ VEB ] , is reportedly in need of a bailout . In 2008 , the bank became a dumping ground for bad assets and money - losing state projects . In 2013 the then head of the bank said it had spent $ 8bn investing in the commodity sector in eastern Ukraine , where activity has since come to a near stand - still . The government turned to bankruptcy when costs for the 2014 Winter Olympic Games in Sochi ballooned leaving the bank with the equivalent of $ 2.9bn overdue loans on its books . The sanctions following the country ’s annexation of Crimea have also taken their toll on VEB , which was very exposed to international capital markets , leaving it with about $ 20bn in foreign - currency debt and limited access to capital markets . most important lender: Vnesheconombank, the country’s state-owned development bank. Late last month the bank said it would provide aid worth $ 500 , around half the amount analysts estimate is the minimum level of relief the bank will receive this year .
Russia ’s state - owned development bank and its biggest lender , Vnesheconombank [ VEB ] , is reportedly in need of a bailout . In 2008 , the bank became a dumping ground for bad assets and money - losing state projects . In 2013 the then head of the bank said it had spent $ 8bn investing in the commodity sector in eastern Ukraine , where activity has since come to a near stand - still . The government turned to bankruptcy when costs for the 2014 Winter Olympic Games in Sochi ballooned leaving the bank with the equivalent of $ 2.9bn overdue loans on its books . The sanctions following the country ’s annexation of Crimea have also taken their toll on VEB , which was very exposed to international capital markets , leaving it with about $ 20bn in foreign - currency debt and limited access to capital markets . Late last month the bank said it would provide aid worth $ 500 , around half the amount analysts estimate is the minimum level of relief the bank will receive this year .