VEB.RF

VEB.RF, or simply VEB (Russian: ВЭБ.РФ), is a Russian state development corporation and investment company. It was the Russian successor entity of the Foreign Trade Bank of the USSR, renamed Vnesheconombank (VEB) in 1988 and dismantled in 1991. VEB was reorganized in 2007 as a development institute and rebranded as VEB.RF in 2018. It has financed more than 300 projects. VEB.RF operates under the federal law "On the State Development Corporation VEB.RF". VEB.RF plays a leading role in Russia’s system of development institutions, sometimes referred to as the Development Group. The group includes the Skolkovo Foundation, the Russian Export Center, the SME Corporation, the Industrial Development Fund, the Foundation for Assistance to Innovation, and other development institutions. VEB.RF also serves as a methodological center for ESG and green finance. At the instruction of the President of Russia, VEB.RF became a mandatory participant in major public-private partnership projects with investment volumes of RUB 3 billion or more. Under this arrangement, new projects and initiatives above that threshold are subject to VEB.RF review. The project assessment methodology was developed by the Ministry of Economic Development with input from regional authorities, VEB.RF and participants in the PPP market. The methodology incorporates the Quality of Life Index in Russian Cities. In 2025, the President of Russia instructed VEB.RF to develop a national standard for public-private cooperation and to define a financing model for such projects. In 2026, Rosstandart approved the national standard developed by VEB.RF, GOST R 72783–2026 “Public-Private Cooperation. General Provisions”. The standard is scheduled to enter into force on 1 September 2026.