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Law on changing name of Vnesheconombank

November 28, 2018

Vladimir Putin signed the Federal Law On Amending the Federal Law On the Development Bank and Certain Legislative Acts of the Russian Federation.

The Federal Law envisages changing the name of the state corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) to State Development Corporation VEB.RF.

In accordance with a decision of the Russian Government, VEB.RF is vested with new powers to organise and coordinate operations of development institutions on issues related to supporting the long-term socioeconomic development of the Russian Federation.

Under the Federal Law, VEB.RF will provide financial and guarantee support to certain development institutions and otherwise help them meet their obligations, including on paying insurance compensation or insurance sums.

In addition, it specifies the mechanism for forming the authorised capital of VEB.RF, the Russian Export Centre and the Federal Corporation for the Development of Small and Medium-Sized Businesses.

A new article that defines the specifics of the Russian Export Centre’s legal status is added to the Federal Law On the Basics of State Regulation of Foreign Trade.

November 28, 2018